Alibaba, Tencent Holdings among leaders in Chinese tech sector rally
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Chinese Internet stocks from the likes of Alibaba (NYSE:BABA) and Tencent Holdings (OTCPK:TCEHY) scored gains on Monday despite Beijing delaying the release of several economic data points, including its third-quarter GDP figures.
China's National Bureau of Statistics was scheduled to release the results on Monday, but delayed those figures without setting a future release date. In addition to its GDP results, the data was set to include information such as property and monthly retail sales. The delay occurred as the 20th National Congress of China's Communist Party started in Beijing.
But, despite such a delay potentially implicating changes to come in China's economic data, Chinese tech stocks joined in a broad rally ahead of an upcoming slate of quarterly earnings reports.
Alibaba (BABA) shares climbed more than 5%, while Tencent Holdings (OTCPK:TCEHY) rose by 3%, Baidu (BIDU) was up by 1.6%, NetEase (NTES) rose almost 4%, Weibo (WB) edged up by 1.4% and Pinduoduo (NASDAQ:PDD) shares rose almost 5%.
The KraneShares CSI China Internet ETF (NYSEARCA:KWEB) climbed more than 5%.
At the Chinese Communist Party meeting, Premier Xi Jinping outlined his plans for what he called a "giant new leap" for China's economy by 2035.