Alibaba, JD.com lead Chinese tech stocks higher as China cuts key interest rate
Jun. 15, 2023 10:00 AM ET
Alibaba Group Holding Limited (BABA) NTES, BIDU, TCEHY, WB, JD, BILI, PDD, KC
By: Chris Ciaccia, SA News Editor
4 Comments
 maybefalse/iStock Unreleased via Getty Images
Alibaba (NYSE: BABA), JD.com ( JD) were among the leading Chinese technology stocks early on Thursday after the country's central bank cut a key interest rate as it hopes to provide a jolt to a struggling economy.
Alibaba ( BABA) gained 3.4% shortly before 10 a.m. EST, while JD.com ( JD) also tacked on more than 3%. Also seeing strong gains were PDD Holdings ( PDD), Baidu ( BIDU) and Tencent ( OTCPK:TCEHY).
Smaller Chinese tech stocks saw more muted gains, as Weibo ( WB) gained 2.8%, while NetEase ( NTES), Bilibili ( BILI) and Kingsoft Cloud Holdings ( KC) were mixed in early trading.
Separately on Thursday, it was reported that Alibaba ( BABA) is looking to develop local businesses outside China, with Europe being the main priority. |
