China Internet Stocks Sluggish In Shadow of Alibaba Group Holdings Ltd.

China-based Internet stocks inched up Friday in the shadow of Alibaba's

much ballyhooed trading launch on the New York Stock Exchange. But movement in the sector appeared merely in step with the larger market, with the Dow Jones Industrial Average up 0.4 percent and NASDAQ gaining 0.34 percent in early trading. Among Alibaba-related stocks, Yahoo Inc. (NASDAQ): YHOO) was probably the biggest winner early Friday, up 2.6 percent. Yahoo is expected to obtain a $5 billion windfall by selling a part of its Alibaba stake. Baidu Inc

Chinese-language Internet search provider, gained about 0.5 percent in early trading Friday, while social media platform Weibo Corp.

inched up by about the same. Alibaba holds a 32 percent stake in Weibo, which got spun off from Sina

in April. Sina gained 0.7 percent Friday. Internet advertiser Tencent Holdings Ltd.

gained 0.9 percent while the Amazon-style JD.Com Inc.

fell 1.2 percent.