Pinduoduo Inc PDD shares are trading higher Tuesday alongside several Chinese companies in possible anticipation of the country's "618" holiday shopping event.
China's annual mid-year "618" shopping festival kicks off this weekend in what has historically been the country's second-largest shopping event by sales. About 250,000 merchants and brands from around the world took part in the event last year, which was up more than 100% from 2020, according to several reports.
Chinese stocks may also be trading higher amid easing lockdown restrictions in the country's two largest cities, Shanghai and Beijing, which were implemented following a spike in COVID-19 cases.
According to a CNBC report, JPMorgan remains "cautiously optimistic" on Chinese names after lockdowns were lifted and the country signaled an easing of regulatory pressures. Although the analyst firm acknowledges that near-term headwinds are lingering, the long-term prospects remain intact.
Related Link: JPMorgan Remains Bullish On Alibaba And Other Chinese Stocks - Here's Why
PDD Price Action: Pinduoduo has traded between $133.81 and $23.21 over a 52-week period.
The stock was up 11.8% at $60.81 at press time, according to data from Benzinga Pro.
Photo: courtesy of Pinduoduo.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
