Chinese stocks rally on hopes of lockdown easing

Tuesday, 29. November 2022 16:02

The shares of Chinese tech giants surged during Tuesday's opening bell on Wall Street, amid an overall positive sentiment among investors that Beijing would ease its strict COVID-19 restrictions following weekend protests across the country.

The rally, led by, Baidu, Pinduoduo, and NetEase, came despite the government introducing a lockdown in the Chinese business hub of Shanghai and several other major cities in recent days. Pinduoduo's rally was also prompted by better-than-expected third-quarter earnings results from yesterday. Meanwhile, the Chinese government confirmed it vaccinated nearly two-thirds of its elderly population with a COVID-19 booster shot. jumped 7.53%, Pinduoduo 6.41%, Baidu 6.48%, and NetEase 4.64% at 9:56 am ET on the Nasdaq 100, despite the index overall posting slight losses in the early session.

Related Links: NetEase Inc.Baidu Inc.Pinduoduo Inc.
Baha Breaking News (BBN) / ND