Latest News

: China stocks enjoy big, broad rally as Shanghai moves toward lifting COVID lockdown measures

0

The U.S.-listed shares of China-based companies traded broadly higher Tuesday, as investors were emboldened by the major steps to be taken to lift COVID-19-lockdown measures in Shanghai.

The Invesco Golden Dragon China exchange-traded fund
PGJ,
+5.42%

charged up 4.6% in morning trading, with more than three-quarters of its active components enjoying gains, to buck the weakness in the broader stock market. That put the ETF (PGJ), which is comprised of U.S.-listed shares of companies based in the People’s Republic of China, on track for the highest close since May 4.

Meanwhile, the S&P 500 index
SPX,
-0.31%

shed 0.9% and the Nasdaq Composite Index
COMP,
-0.05%

lost 0.8%.

The PGJ’s most active component was electric vehicle-maker NIO Inc.’s stock
NIO,
+6.25%
,
which ran up 4.3%. It has soared 18.1% amid a four-day win streak, and has rocketed 36.0% since closing at a 22-month low of $12.71 on May 11.

Also seeing heavy trading, shares of KE Holdings Inc.
BEKE,
+11.27%

shot up 10.9% after the housing transactions platform reported a wider-than-expected first-quarter loss but revenue that beat forecasts, while ecommerce giant Alibaba Group Holding Ltd.’s stock
BABA,
+4.25%

rallied 3.2%.

Shanghai authorities said they will take measures on Wednesday to reopen Shanghai, China’s largest city, as the Associated Press reported. That fueled investor optimism for a quick rebound in country’s economy, which is the world’s second largest.

Among some other more-active American depositary shares (ADS) of China-based companies, Pinduoduo Inc.
PDD,
+7.18%

ran up 5.9% toward a three-month high, and have soared 38.4% amid a four-day win streak. Benchmark analyst Fawne Jiang reiterated the buy rating and $85 stock price target, which implied about 66% upside from current levels, after the mobile marketplace had reported on Friday big profit and revenue beats for its first-quarter.

Elsewhere, the ADS of iQIYI Inc.
IQ,
+2.39%

rose 1.8%, JD.com Inc.
JD,
+6.33%

climbed 5.7%, DiDi Global Inc.
DIDI,
+2.24%

tacked on 0.5%, Tencent Music Entertainment Group
TME,
+2.69%

advanced 2.3% and Bilibili Inc.
BILI,
+10.45%

jumped 8.6%.

The Golden Dragon China ETF has dropped 21.9% year to date, while the S&P 500 has lost 13.6% and the Nasdaq has tumbled 23.1%.

: Yuan-ruble trading explodes 1,000% in latest challenge to U.S. dollar’s dominance

Previous article

Mullen Automotive Skyrockets As Solid-State Polymer Battery Testing Exceeds Expectation

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.

More in Latest News