Shares of Chinese online giants jumped in Hong Kong, right after formal information confirmed far better-than-predicted Oct retail product sales in the world’s second-greatest economic system.
Alibaba Team Holding Ltd.
BABA,
9988,
jumped 9.8%, Kuaishou Technological know-how
1024,
surged 8.7%, Tencent Holdings Ltd.
700,
rose 8.% and Meituan
3690,
was up 5.8%. The Cling Seng Tech Index
HSXTCHINDXXX,
has attained as a lot as 7.7% and was final up 6.1%
The sector’s sharp upturn came right after China’s National Bureau of Figures stated on line retail product sales of bodily products rose 7.2% in the 1st 10 months of the 12 months. The range, intently viewed by investors as an indicator of the country’s use trends, outpaced a 6.1% rise in the January-to-September period.
Jefferies analysts estimate that on the internet retail sales grew a lot more than 15% in October, accelerating from the 3 consecutive months of underneath-10% growth observed due to the fact July.
Create to Yifan Wang at yifan.wang@wsj.com
Shares of Chinese online giants jumped in Hong Kong, right after formal information confirmed far better-than-predicted Oct retail product sales in the world’s second-greatest economic system.
Alibaba Team Holding Ltd.
BABA,
9988,
jumped 9.8%, Kuaishou Technological know-how
1024,
surged 8.7%, Tencent Holdings Ltd.
700,
rose 8.% and Meituan
3690,
was up 5.8%. The Cling Seng Tech Index
HSXTCHINDXXX,
has attained as a lot as 7.7% and was final up 6.1%
The sector’s sharp upturn came right after China’s National Bureau of Figures stated on line retail product sales of bodily products rose 7.2% in the 1st 10 months of the 12 months. The range, intently viewed by investors as an indicator of the country’s use trends, outpaced a 6.1% rise in the January-to-September period.
Jefferies analysts estimate that on the internet retail sales grew a lot more than 15% in October, accelerating from the 3 consecutive months of underneath-10% growth observed due to the fact July.
Create to Yifan Wang at yifan.wang@wsj.com
