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LIZ MAK

Alibaba’s stocks tumbled 3.38 per cent, closing the morning trading session on Monday at US$63.53, as 63 per cent of the company’s stocks exited its lock-up period, one year after the company’s listing.
Investors have been concerned Yahoo may begin to exit its remaining 15 per cent stake in the company, dragging the company lower along with other related Chinese internet companies a day before President Xi Jinping’s tour of the United States. Most other Chinese American Depositary Receipts traded up.  
58.com was down 1.67 per cent to US$43; JD.com fell 1.25 per cent to US$26.10; Sina and Baidu ended 0.55 per cent and 0.67 per cent lower, respectively, at US$39.58 and US$141.61.
The top gainers were SouFun Holdings, YY Inc and Qihoo 360 Technology, which gained 3.25 per cent, 3.02 per cent and 3.01 per cent respectively.

Currencies in flux
Gyrations in the currency markets can still be seen after last week’s Federal Open Market Committee’s decision not to raise rates affecting the trading sessions.
All major currencies including the pound, euro, the yen, as well as the Swiss franc, Australian and New Zealand dollars have traded down against the US dollar. Wind’s dollar index gained 0.51 per cent, touching US$95.7962 against other basket currencies.

Reports of continued Iranian deals send Standard Chartered shares down 
In London, shares of Standard Chartered Bank fell 4.23 per cent, closing at £692.10, on media reports of continued regulatory investigation over its Iranian dealings, which apparently did not end after its 2012 sanctions.

UK rate rises seen gradual 
Bank of England deputy governor Jon Cunliffe said the central bank’s interest rate increases from their present record low of 0.5 per cent are likely to be gradual and limited. 


Alibaba shares tumble in midday US trade as lock-up period ends

One year ago, Alibaba Group founder Jack Ma Yun launched his company on the New York Stock Exchange. Photo: Reuters

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