10 Chinese Stocks That Tanked Last Week
Chinese stocks continue to have a volatile 2013.
There were plenty of growth stocks in the world's most populous nation that lost their winning ways throughout 2012, but January has given some of last year's fallen or forgotten Chinese equities a little extra sizzle.
Many Chinese equities had strong runs two weeks ago, but last week saw some pretty sizable retreats.
Let's take a closer look at some of the losers from last week.
Nam Tai Electronics
China Mobile Games
All of these stocks moved lower last week, but let's take a closer look at some of the more intriguing names.
Nam Tai Electronics has been volatile. The provider of electronics manufacturing and design services saw its shares more than double last year, and was trading 7% higher in 2013 before giving it all back -- and then some -- this past week.
Nam Tai's hit came mostly on Monday with the stock's heaviest day of trading volume in more than two months. There was no material news on the day, and Nam Tai followed up with a press release stating that its policy is not to comment on unusual market activity.
Trina Solar led a broad range of solar energy companies that slipped on the week, fueled by a report out of Axiom Capital Management singling out Trina as a "great short" ahead of next month's earnings report.
Nomura Securities, though generally upbeat on Trina, rained on rival LDK Solar by warning about its uncompetitive cost structure and debt-heavy balance sheet. LDK's 15% decline was the sharpest among the larger Chinese solar players.
We also have Renren losing all of its earlier January gains. China's leading social networking website operator is back at $3.45, and that's exactly where it was when the year began. Fears of Chinese censorship may be overblown, but they will continue to weigh on the country's dot-com speedsters.
Finally, Dangdang fizzled out after kicking off the week with a healthy pop on Monday. Shares of the online retailer tumbled 9% during the final four trading days of the week after the World Bank cut China's 2013 economic growth forecast. As a Web-based retailer, Dangdang is naturally susceptible to the ups and downs of consumer spending.
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The article 10 Chinese Stocks That Tanked Last Week originally appeared on Fool.com.Longtime Fool contributor Rick Aristotle Munarriz has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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