Dallas, Texas 09/10/2014 (FINANCIALSTRENDS) – China Mobile Games & Entnmnt Grp Ltd (NASDAQ:CMGE) which is one of the leading publishers and developer of games for the mobile form factor, had reported notable gains on Friday, following the surge in performance of Chinese ADR stocks.
The main gainers on Friday were One Horizon Group, Inc (NASDAQ:OHGI), MER Telemanagement Solutions Ltd.(NASDAQ:MTSL) and heavy oil development and production company, Ivanhoe Energy Inc. (NASDAQ:IVAN) besides, China Mobile Games & Entnmnt Grp Ltd (NASDAQ:CMGE).
On Monday, September 8, many of the Chinese ADRs were found to show an upward climb as the government’s announcements to bolster the shipping industry gained currency. The trend in price rise which began in July of this year and lasted until September 9th had been bullish for the Chinese ADRs.
However, on Tuesday, September 9, China Mobile Games and Entertainment Group Ltd was one of the main casualties as stocks of Chinese origin plunged. The cause of Chinese technology and financial stocks falling for the first time in the past week was due to data reports of – ‘a drop in imports over the past month.’
Following the short Mid-Autumn Festival break, Chinese stocks have plunged.
As data reports of Chinese imports contracting by 2.4% in August were announced, the impact has been stupendous on all of these stocks. Imports were estimated to show 3% increase but the actual realisation of imports was below 2.4%; this resulted in the southward journey of these stocks.
Taking the downward plunge on Tuesday were other Chinese stocks such as solar cells and modules producer China Sunergy Co Ltd (NASDAQ:CSUN), IT Professional education services provider Tarena International Inc (ADR) (NASDAQ:TEDU) besides critical application and content distributor for Channels, Cheetah Mobile Inc (ADR) (NYSE:CMCM) too hitting below-par trading prices.
China Mobile Games & Entnmnt Grp Ltd (NASDAQ:CMGE) is trading at a price well above its 52-week low price mark, but substantially lower than its previous high for 52 weeks.