Volatile sectors took it on the chin on Tuesday as Greek debt woes dragged equity benchmarks lower by more than -2%, and Chinese auto parts stocks were among laggards. As noted by Investors Business Daily, the segment hung in there yesterday despite news of another reserve requirement hike by the People's Bank of China, which is set to take effect next week. Today, however, shares are off sharply as traders seek safety in the dollar.
As a whole, the Chinese Auto Parts Stocks Index is off by -6% today. It remains 3.2% ahead of the S&P 500 over the past month.
Sorl Auto Parts (NASDAQ: SORL - News) and Wonder Auto Technology (NASDAQ: WATG - News) are leading the slide, falling -7%. Meanwhile, China Automotive Systems (NASDAQ: CAAS - News) has now fallen into negative territory over the past month.
China Yuchai International (NYSE: CYD - News) is the Index's only component to remain positive over the past five sessions, and Tongxin International (NASDAQ: TXIC - News) is the sector's laggard for the period, slipping by -9.5%.
As of this writing, the China instrument Stocks Index is one of two tickerspy Chinese sub-sector Indexes to remain positive over the past month. It will be interesting to see if bulls start to buy on the dip, or if a more substantial pullback is in store.
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