Pinduoduo, Alibaba head north as Chinese tech rally gains more steam
Igor Kutyaev

Chinese tech stocks such as Pinduoduo (NASDAQ:PDD), Alibaba (NYSE:BABA) and Baidu (BIDU) put in a strong performance Wednesday as the sector added more gains following new economic support policies from the People's Bank of China.
On Tuesday, the PBOC said it would study implementing new policies aimed at boosting China's weakening economy that would include help for business sectors that have been negatively impacted by the effects of the COVID-19 pandemic, as well as the support for the country's domestic stock, bond and housing markets. Those reports gave Chinese tech stocks a boost just one day after a big selloff that came in the wake of Chinese Premier Xi Jinping strengthening his grip on power in Beijing.
Pinduoduo (PDD) shares were among Wednesday's biggest gainers, rising as much as 12% on volume of 22M shares exchanged by midday. Pinduoduo (PDD) averages about 12.5M shares traded on a daily basis.
Among other Chinese tech stocks, Alibaba (BABA) rose more than 8%, Baidu (BIDU) climbed more than 4%, JD.com (NASDAQ:JD) surged by nearly 11% and Tencent Holdings (OTCPK:TCEHY) climbed more than 8%.
The KraneShares CSI China Internet ETF (KWEB) also advanced, was up by almost 9% as trading progressed.
The selloff in Chinese stocks on Monday led J.P. Morgan global markets strategist Marko Kolanovic to say that investors may want to consider opportunities in the sector.