Summary "The Chinese economy has been slowing for quite some time," he said.
NEW YORK (AFP) - US-listed Chinese equities fell Tuesday as stock markets in China tumbled again and raised worries of broader financial problems in the world s number-two economy.
E-commerce giant Alibaba was the most heavily traded individual stock on the New York Stock Exchange, falling 0.8 percent after earlier diving to an all-time low.
Internet search company Baidu lost 0.8 and online retailer JD.com fell 4.0 percent. Small companies suffered significantly bigger drops: Qihoo 360 Technology (-7.1 percent), social networking platform Renren (-7.0 percent) and streaming video provider Youku Tudou (-6.7 percent).
The losses came on the heels of a bursting bubble in Chinese stocks that have bled an estimated $3.2 trillion in value since mid-June.
In an effort to stem further sell-off, Chinese officials on Sunday ordered a halt to initial public offerings and moved to pour funds into the market.
On Monday, the benchmark Shanghai Composite Index finished 2.41 percent higher helped by the announcement of support, but then fell 1.29 percent Tuesday.
The Shenzhen Composite Index, which tracks stocks on China s second exchange, dropped 5.34 percent Tuesday, and Hong Kong followed its 3.18 percent plunge Monday with another 1.03 percent loss Tuesday.
Peter Donisanu, global research analyst at Wells Fargo Investment Institute, said Chinese stocks could have further to fall.
"Right now what we re seeing in the sell-off comes down to a lack of confidence in the government s ability to prop up the markets like they did at the start of the year," he said.
The slide is the flipside of a rally earlier in 2015 that was "sentiment-based and speculative" and came despite a weakening economy.
"The Chinese economy has been slowing for quite some time," he said.
Donisanu said Tuesday s drop in US-listed Chinese stocks was "more of a knee-jerk reaction" to try to get ahead of negative momentum and was not based on the fundamentals of the Chinese economy.
