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China’s Tencent, Alibaba Stocks Play Well as Covid Restrictions Relaxed, Economy Reopens

E-commerce platforms Tencent and Alibaba are among the Chinese stocks that are experiencing a rise as Chinese officials signalled a loosened Covid-19 restriction from large-scale lockdowns.

Jagriti Saha by Jagriti Saha
December 5, 2022
in Funds, The Global Economics, Top Stories
Reading Time: 3 mins read
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China’s Tencent, Alibaba Stocks Play Well as Covid Restrictions Relaxed, Economy Reopens

China’s Tencent, Alibaba Stocks Play Well as Covid Restrictions Relaxed, Economy Reopens

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On Monday, December 5, Tencent Holdings and the Alibaba Group were major contributors to the stock swell. The Hang Seng Tech Index increased by 8.23% in Mainland China, with the Shanghai Composite Index adding 1.76%.

Chinese stocks have hit a three-month high following China’s relaxation of Covid-related curbs in the cities of Shanghai, Beijing, and Guangzhou after multiple protests from citizens. The Hong Kong Hang Seng Index has surged 3.5% to 19,320.62 during the noon break, the highest since September. On Monday, December 5, Tencent Holdings and the Alibaba Group were major contributors to the stock swell. The Hang Seng Tech Index increased by 8.23% in Mainland China, with the Shanghai Composite Index adding 1.76%.

E-commerce platforms Tencent and Alibaba are among the Chinese stocks that are experiencing a rise as Chinese officials signaled a loosened Covid-19 restriction from large-scale lockdowns.

Tencent Holding Ltd stocks gained 6.35%, trading at HK$314.80 per share in the afternoon session. Alibaba shot up by 7.61%, with shares trading at HK$91.75. Some other corporations, like Meituan and JD.com INC, rose by 2.7% and 7.8%, respectively. HSBC stocks were boosted by 1.4%, trading at HK$47.55.

The daily Covid cases in China is yet at an all-time high, but the cities settled to relax COVID testing and quarantine rule to open the economy up. The government has planned to limit the zero-Covid policy to targeted zones owing to the economic slowdown and public vexation, and mass protests leading to unrest existing for the past few weeks. A nationwide easing of testing requirements will be announced by the country, and positive cases will be allowed to quarantine at home under specified conditions.

International investors have begun to invest in Chinese stocks after two months. Global funds have swooped in as Shanghai and Hangzhou relinquished the requirement to project Covid test results to access public transport and venues.

Businesses have fully reopened in Beijing on Monday, and commuters are not required to present negative Covid test results taken within 48 hours of using public transport. Residents of the financial hub Shanghai, who were under a rural two-month lockdown, are finally able to enter outdoor venues without showing test results.

Stocks in mainland China and Hong Kong had recovered by USD 560 billion in market capitalization since November 11, when Beijing had extended a 20-point direction to ease pandemic rules. The offshore Yuan has strengthened since it slid to a record low last month with ¥7.343 per USD.

As the Chinese cities announced easing curbs over the weekend, the dollar fell below 7.0 Chinese Yuan in offshore trade. The onshore trade yuan increased by 1.4% to as high as 6.95 in early trading on Monday.

The dollar index had fallen by 1.4% in the last week due to the expectation that the US Federal Reserve will slump the speed of the interest hikes after a consecutive 4-time increase by 75 basis points.

Mainland China stocks will face a 3-minute halt on Tuesday as a mark of respect for the death of former Chinese president Jiang Zemin, in conjunction with a memorial service. The Gold and Silver Exchange will also observe a pause for a three-minute silence at 9 am on Tuesday, December 6, just before trading begins for the day.

Previously, China had enlisted Tencent and Alibaba in designing semiconductor chips as Beijing awaits US sanctions designed to suppress Chinese computing power. The government had set up a consortium of companies to invent new chip intellectual property to reduce dependency on Softbank-owned Arm.

The World Health Organisation (WHO) has appreciated China for loosening its gruesome zero-COVID policy, a step taken after hundreds took to the streets across the country with mass protests for political freedom and ceased lockdowns.

Via: short URL
Tags: Alibaba GroupchinaCOVID-19E-commerceGlobal fundsTencent Holdings
Jagriti Saha

Jagriti Saha

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