Stock Track | Daqo New Energy Plummets 7.11% as Asian ADRs Face Broad Selloff

Stock Track07-07

Daqo New Energy (DQ), a leading polysilicon manufacturer, saw its stock plummet 7.11% in pre-market trading on Monday. The significant drop comes amid a broader selloff in Asian equities traded as American Depositary Receipts (ADRs) in the U.S. market.

The S&P Asia 50 ADR Index fell 1.13% to 2,318.25, indicating a challenging start to the week for Asian stocks listed in the United States. Daqo New Energy emerged as one of the biggest decliners among North Asian companies, with its shares dropping to $17.65, a decrease of $1.33.

The selloff appears to be widespread across various sectors, affecting technology, telecommunications, and financial services companies from both North and South Asia. While some companies like Bilibili and Baidu managed to buck the trend with gains, the overall sentiment remains negative. The reasons behind this broad market decline are not explicitly stated in the available information, but investors should closely monitor global economic factors and industry-specific news that might be influencing Asian ADRs.

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