Chinese Stocks in the U.S.: Sohu, Sina Gain; China Mobile Falls
The Bank of New York Mellon China ADR Index, which tracks American depositary receipts, declined 0.5 percent to 369.83. The New York Stock Exchange Arca China Index was little changed at 218.38. The Shanghai Composite Index gained 0.8 percent to 2,438.79.
The following companies were among the most active Chinese shares in New York trading. Stock symbols are in parentheses and prices are as of the close of trading.
Government agencies and officials should “actively” use microblogs to communicate with people, disclose official information, respond to “societal concerns,” and improve the government’s work, the official Xinhua News Agency reported, citing a speech of Wang Chen, chief of the Information Office of China’s State Council, at a meeting in Beijing today.
Sina Corp. (SINA US), the owner of the Twitter-like Weibo service, surged 18 percent, the most since June 21, to $92.88.
Sohu.com Inc. (SOHU) , the operator of China’s fifth-most visited website, rose 2.7 percent to $58.65.
Baidu Inc. (BIDU US), owner of China’s most popular online search engine, gained 1.6 percent to a three-week high of $132.97.
NetEase.com (NTES) Inc, the second-biggest online games operator, gained 1.2 percent to a three-week high of $44.21. The company was raised to “overweight” from ”neutral” at Piper Jaffray Cos., with a 12-month price target of $59 per share.
China Mobile Ltd. (CHL) , the world’s biggest phone carrier by subscribers, dropped 0.6 percent to $47.60. The operator is looking to businesses including wireless data and machine-to-machine communications to drive sales which were crimped by falling voice rates, Chairman Wang Jianzhou told the Hong Kong General Chamber of Commerce today. “China Mobile faces many challenges,” he said.
PetroChina Co. (PTR US) the nation’s biggest oil producer, advanced 0.3 percent to $120.05. PetroChina, Royal Dutch Shell Plc, Qatar Petroleum and the Taizhou city government in China’s Zhejiang province jointly signed an agreement to build a petrochemicals and refining complex to make products including ethylene, PetroChina’s parent said in a statement on its website today.
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