Why Chinese Tech Stocks Were Soaring Today
Shares of Chinese stocks climbed broadly as the Shanghai Composite posted its best gain in five years, rising 5.8% in today's session. A number of factors converged to drive Chinese stocks higher today, the biggest of which appeared to be an editorial in a state-owned newspaper that said that a healthy bull market was particularly important to China's economic recovery following the pandemic.
Individual investors have also been buying into stocks in China, much like retail investors have in the U.S., and China's economic data has improved significantly since its coronavirus shutdown in February. Furthermore, China has handled the pandemic much better than the U.S., where cases are surging, giving the world's No. 2 economy an advantage in the recovery.
Among the U.S.-listed Chinese tech stocks moving higher today as of 2:35 p.m. EDT were Weibo (NASDAQ: WB), which was up 17.9%, Qutoutlao (NASDAQ: QTT), which had gained 16.5%, Momo (NASDAQ: MOMO), which had increased 14.1%, HUYA (NYSE: HUYA), which was up 11.8%, and Niu Technologies (NASDAQ: NIU), which was 14.9% higher.
Source Fool.com
