Why Shares of JD.com, TAL Education Group, and Pinduoduo Are Rising Today
Despite difficult market conditions this week, several Chinese stocks continued to trade higher after some positive earnings results and bullish sentiment from Wall Street.
Shares of JD.com (NASDAQ: JD) traded nearly 6.5% higher as of 1:08 p.m. ET today, shares of TAL Education Group (NYSE: TAL) traded more than 12% higher, and shares of Pinduoduo (NASDAQ: PDD) traded nearly 9% higher.
Chinese stocks have not fared well over the last year, as a harsh regulatory backdrop has created lots of uncertainty and dogged the sector. Additionally, China has been dealing with COVID-19-related lockdowns and other macro issues that have led to experts and analysts trimming their economic forecasts for the year. Recently, Goldman Sachs slashed its gross domestic product (GDP) growth forecast for China in 2022 from 4.5% to 4% after new economic data in April showed slowing growth, largely due to lockdowns. Earlier this week, Citigroup cut its GDP growth forecasts from 5.1% to 4.2%.
Source Fool.com
