Shares in the U.S. of U.S.-based companies traded broadly on Tuesday, as investors cheered on the main steps to be taken to lift the VOCID-blocking measures. 19 in Shanghai.
The stock exchange traded fund of Invesco Golden Dragon China PGJ,
it gained 4.6% in the morning, with more than three-quarters of its active components enjoying gains, to make up for the general weakness of the stock market. This put the ETF (PGJ), which consists of U.S.-listed shares of companies based in the People’s Republic of China, on its way to the highest close since May 4.
Meanwhile, the S&P 500 SPX Index
down 0.9% and the Nasdaq Composite Index COMP,
lost 0.8%.
The most active component of the PGJ was the electric vehicle manufacturer NIO Inc., NIO.
which increased by 4.3%. It has shot up 18.1% amid a four-day streak of wins and shot up 36.0% since closing at a 22-month low of $ 12.71 on May 11th.
Shares of KE Holdings Inc.
shot up 10.9% after the housing transaction platform reported a broader-than-expected loss in the first quarter, but revenue exceeded forecasts, while the giant’s shares of e-commerce Alibaba Group Holding Ltd., BABA,
increased by 3.2%.
Shanghai authorities said they would take steps on Wednesday to reopen Shanghai, China’s largest city, the Associated Press reported. This fueled the optimism of investors for a rapid recovery of the country’s economy, which is the second largest in the world.
Among other more active U.S. depository (ADS) shares of Chinese-based companies, Pinduoduo Inc. PDD,
rose 5.9% to a three-month high, and shot up 38.4% amid a four-day streak of wins. Benchmark analyst Fawne Jiang reiterated the $ 85 buy rating and price target, which was up 66% from current levels, after the mobile market reported big Friday. earnings and revenue for the first quarter.
Elsewhere, iQIYI Inc. ADS IQ,
rose 1.8%, JD.com Inc. JD,
rose 5.7%, DiDi Global Inc. DIDI,
with 0.5%, Tencent Music Entertainment Group TME,
advanced 2.3% and Bilibili Inc. BILI,
increased by 8.6%.
The Golden Dragon China ETF has fallen 21.9% so far, while the S&P 500 has lost 13.6% and the Nasdaq is down 23.1%.