Chinese techs bounce back after day of big losses
Igor Kutyaev/iStock via Getty Images

Chinese tech stocks headed north, Tuesday, as much of the sector shook off concerns about Covid-related shutdowns in China, Beijing's position on Russia's war against Ukraine and the after-effects of a slate of stock-ratings cuts.
Among well-known Chinese companies, Alibaba (NYSE:BABA) fell early, but crawled back to rise 1%, while Baidu (NASDAQ:BIDU) was up by 2%, Weibo (NASDAQ:WB) and Pinduoduo (NASDAQ:PDD) each climbed almost 5% and JD.com (NASDAQ:JD) and DiDi Global (NYSE:DIDI) each surged more than 10%. Tencent Holdings (OTCPK:TCEHY) bucked the advancers and fell more than 4%.
The KraneShares CSI China Internet ETF (NYSEARCA:KWEB) rose more than 4%.
Prior to the start of trading, China raised eyebrows as foreign minister Wang Yi said his country was "not a party to the crisis" in Ukraine, and that Beijing doesn't want to be affected by the raft of economic sanctions that the U.S. and European countries have slapped upon Russia as punishment for its invasion of Ukraine.
Yi said to U.S. officials, "China has a right to safeguard its legitimate rights and interests."
Meanwhile, Wall Street was still assessing the effects of China locking down many business operations and activities around the tech hub of Shenzhen following a rise in Covid-19 cases in the area. Foxconn, one of Apple's (NASDAQ:AAPL) top product partners in Shenzhen, was among the companies to put a halt on its operations in the city. On Tuesday, Bank of America analyst Wamsi Mohan said Apple's (AAPL) position in Shenzhen is "significant", but that the company should have few problems
On Monday, Alibaba (BABA), Baidu (BIDU) other Chinese companies saw their shares get battered after analysts at J.P. Morgan cut their ratings on many of the country's best-known tech leaders to the equivalent of sell.