Why Alibaba, JD.Com, and Zhihu Are Rising Today
Shares of several Chinese stocks that trade on U.S. exchanges cautiously rose today as investors digested a slew of news out of the country about the economy, ongoing COVID-19 lockdowns in major cities, and policy promises from the Chinese government.
Shares of Alibaba (NYSE: BABA) were trading roughly 1.5% higher at 11:15 a.m. ET after being up more than 6% earlier this morning. Shares of JD.Com (NASDAQ: JD) were trading nearly 7% higher, and shares of Zhihu (NYSE: ZH) were trading nearly 2% higher after being up more than 10% earlier this morning.
A number of things are affecting Chinese stocks today. Recently, China's President Xi Jinping publicly promised to increase construction on infrastructure in an effort to help the economy rebound. The Hang Seng Tech Index finished Tuesday 2.9% higher as investors cheered the news. Ongoing lockdowns due to rising COVID cases have put investors on edge.
Source Fool.com
