China Stocks Pop as Covid Restrictions Ease


BABA and JD are on the rise after news that China is easing Covid restrictions

The shares of Alibaba Group Holding Inc Ltd (NYSE:BABA) and JD.com Inc (NASDAQ:JD) are both on the rise today, after news that China will allow international travel starting Jan. 8, as the country further eases Covid restrictions. At last glance, both stocks were up 3%, with BABA trading at $88.22, and JD at $58.14. 

On the charts, BABA has been struggling to rally this December, with pressure from the $95 level as well as its 200-day moving average, though the $85 level has provided support throughout the month. Year-to-date, the equity is down 25.4%. Nevertheless, analysts are plenty confident on the stock, with 12 of the 13 in coverage carrying a “buy” or better rating. 

JD.com stock has been similarly sluggish lately, though support remains at the 140-day moving average. The stock rallied from its Oct. 24 two-year low of $33.17 before its recent consolidation, but is down 15% year-to-date. Analysts are bullish toward JD as well, with eight of the 10 in coverage rating it a “buy” or better.



Source link

Leave a Reply

Your email address will not be published.