Shares of several Chinese companies are trading higher. Chinese stocks may be rebounding Wednesday after facing selling pressure in recent sessions on lockdown concerns related to spikes in COVID-19 cases.
KE Holdings Inc (NYSE:BEKE), Li Auto Inc (NASDAQ:LI) and Baidu Inc (NASDAQ:BIDU) are among the stocks bouncing higher on Wednesday.
What Happened: COVID-19 cases have been rising in multiple districts throughout China. On Monday, Beijing officials urged residents of the Chaoyang district to stay at home, extending a request from the weekend. The Haizhu district in Guangzhou also extended its COVID-19 restrictions in some areas to Nov. 27, according to local reports.
Beijing, the capital of China, reported more than 1,400 new COVID cases on Tuesday, a record for the city. Several reports indicate that Beijing will require individuals to show a negative PCR test within the last 48 hours to enter public venues like shops, hotels and government offices.
The new restrictions come after Beijing reported three COVID-related deaths over the weekend, its first deaths reportedly caused by the virus since May.
Check This Out: Jim Cramer Says China's Vaccines 'Don't Work' But Xi Won't Admit It
BEKE, LI, BIDU Price Action: Chinese names are still down significantly since the start of the year.
At publication time, KE Holdings was up 5.65% at $14.87, Li Auto was up 4.36% at $17.46 and Baidu was up 1.01% at $96.08, according to Benzinga Pro.
Photo: Daniel Cukier from Flickr.
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