Why Shares of Alibaba, JD.com, and Yatsen Are Rising Today
Shares of several Chinese stocks rose this morning as the Chinese government continued to make efforts to bolster the economy.
Shares of the large Chinese e-commerce company Alibaba Group Holding (NYSE: BABA) traded more than 3% higher as of 9:51 a.m. ET today. Shares of the other large Chinese e-commerce company, JD.com (NASDAQ: JD), traded nearly 5% higher, while shares of the Chinese beauty company Yatsen Holding (NYSE: YSG) traded more than 10% higher.
Intense lockdowns brought on by a resurgence of COVID-19 hampered economic growth in large Chinese cities for months on end earlier this year, lowering expectations for the economy. The Chinese government had initially set a goal to grow gross domestic product (GDP) by 5.5% in 2022 but Goldman Sachs analysts are currently only projecting 3% growth.
Source Fool.com
