Chinese ADRs Fall Sharply On The Day
Chinese companies traded in the United States were lower on Monday, dropping heavily after China's finance minister indicated that the country would not increase its stimulus measures.
Recent data in China has been weak, leading many analyst to lower their growth forecasts and hope for more aggressive accommodations from the government. In remarks on Sunday, Finance Minister Lou Jiwei said China wouldn't dramatically alter its economic policy because of any one economic indicator.
The Bank of New York Mellon's index of Chinese American Depositary Receipts .BKCN fell 2 percent, extending its month-to-date decline to 4.7 percent.
Losses were especially pronounced in such cyclical sectors as financials and materials. Aluminum China (ACH.N) was down 2.3 percent to $10.40 while China Finance Online (JRJC.O) was off 3.8 percent at $7.28. PetroChina (PTR.N) was down 1.7 percent at $132.19.