Why Bilibili, Baidu, and New Oriental Education Stocks Rallied This Week
Stocks of some of China's most popular companies continued to rally on Thursday, continuing several days of gains.
A number of China-specific issues have weighed on that nation's stocks in recent months, among them crackdowns by regulators, its ongoing "zero-COVID" policy for fighting the pandemic, and the economic headwinds that have resulted from it. In light of all that, investors have been ready to latch onto any positive developments as a reason to buy shares in some of China's most beaten-down companies. A double-dose of good news this week provided the catalyst some of those investors were looking for.
Shares of Bilibili (NASDAQ: BILI) climbed by as much as 20.6% this week, Baidu (NASDAQ: BIDU) gained as much as 17.2%, and New Oriental Education and Technology (NYSE: EDU) surged by as much as 16.2%, according to data provided by S&P Global Market Intelligence. As of 2:12 p.m. ET Thursday, the trio were still trading up by 20.5%, 17%, and 16%, respectively.
Source Fool.com
