Market Overview

US-Traded Chinese Internet Stocks Rallying During 'Golden Week'

Share:
US-Traded Chinese Internet Stocks Rallying During 'Golden Week'
Related BIDU
Earnings Scheduled For February 23, 2017
Why Tesla's Earnings Report Doesn't Matter
Tracking Mason Hawkins' Southeastern Asset Management Portfolio - Q4 2016 Update (Seeking Alpha)
Related JD
Morgan Stanley: Chinese Internet Stocks Must Boost Investments, User Retention, Geographic Reach
Watch These 7 Huge Call Purchases In Thursday Trade
Vipshop:A Small Fish In A Big Pond (Seeking Alpha)

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.

Related Link: What Is This Year's October Surprise?

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

Posted-In: China Golden WeekNews Events Movers Tech Trading Ideas Best of Benzinga

 

Related Articles (BIDU + ATHM)

View Comments and Join the Discussion!