US-Traded Chinese Internet Stocks Rallying During 'Golden Week'
Shares of China-based Internet companies are recording significant gains this week, which is known as "Golden Week" in China.
Since the year 2000, the government has implemented the seven-day "Golden Week" in the mainland. During this period, the stock exchange remains closed. That makes fund managers to look for Chinese stocks in the other stock exchanges like the NYSE or the NASDAQ.
As a result, volatility in the Chinese stocks could be seen during the week. For instance, last year, JD.com (NASDAQ: JD) gained about 4.87 percent during the week. Similarly, Sohu.com Inc. (NASDAQ: SOHU) gained 1.8 percent.
On the other hand, Baidu Inc (NASDAQ: BIDU) remained volatile during the week, recording a 0.87 percent gain on the opening day of the week only to shed 2.96 percent by the end. Similar is the case in respect of YY Inc. (NASDAQ: YY), which opened with a 1.5 percent gain and lost 0.91 percent by the end of the week.
Let's also look at this year's performers:
- BIDU gained $1.86, or 1.01 percent, to $185.40
- JD traded at $27,37, adding $1.26, or 4.83 percent
- Sohu edged up by $0.92, or 2.10 percent, to $44.71
- YY advanced $3.28, or 6.12 percent, to $56.89
- NetEase Inc (NASDAQ: NTES) traded at $248.74, gaining $3.88, or 1.58 percent
- Weibo Corp (NASDAQ: WB) jumped $4.42, or 8.67 percent, to $55.42
- Momo Inc (ADR) (NASDAQ: MOMO) up 8.4 percent to $23.94
- Autohome Inc (ADR) (NYSE: ATHM) up 6 percent to $26.60
- Renren Inc (NASDAQ: RENN) up 15.6 percent to $2.37
- SINA Corp (NASDAQ: SINA) traded at $79.21, gaining $2.77, or 3.62 percent
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