Chinese Stocks Pare Big Losses As Market Rallies

Several notable Chinese stocks were able to pare big losses Tuesday as the market rallied in the afternoon: Alibaba, Cheetah Mobile, NetEase and 58.com. Chinese stocks have been taking a beating lately as government regulators try to stabilize China's stock market. But investor concerns are bleeding over to U.S.-traded securities. Alibaba fell as much as 5% in quick trade, hitting a new all-time trading low. Shares closed the session down a fraction. The e-commerce giant is trading 33% below its high of 120 reached last November. Cheetah Mobile also tested its 200-day line, closing down 11% after losing as much as 21% intraday. Volume was heavy. The security software developer has fallen nearly 40% from its May 20 peak. NetEase fell as much as 13% in big volume to a 2-1/2 month low, but cut that loss to just 3% by the end of the session. The gaming site is 15% off of its mid-June high. 58.com bounced back from an 18% loss that put the stock below its 200-day line intraday and closed the session down just a fraction. The Craigslist-like site is trading 27% below its late-April high.