Covid-19 Measures Relaxed: Chinese Stocks Surge
Nov 11, 2022
Chinese stocks, particularly e-commerce platforms Alibaba Group and JD.com, rose on Friday after the Chinese government announced a relaxation of some Covid-19 regulations.
In Hong Kong, Alibaba (BABA) shares surged 12%, while JD.com (JD) rose 16%. The Hang Seng Tech Index in Hong Kong finished 10% higher on Friday.
Alibaba ADRs were up 4% in premarket trade Friday, while JD.com ADRs were up 6%.
According to The Wall Street Journal, China stated Friday that it would decrease the quarantine time for persons who tested positive for Covid-19 and for visitors to the country. The reforms were part of a package of measures examined by the governing Communist Party's new senior leadership during their first meeting on Thursday.
According to the Chinese government-backed Global Times newspaper, these measures are committed to severely dealing with excessive and one-size-fits-all actions, prohibiting unreasonable moves to shut down schools and restrict transportation or clinical care.
Travelers from other nations will now be quarantined for eight days—five in a hotel or government center and three at home—down from ten days earlier. Before boarding an airplane trip, passengers will now just have to undergo one Covid-19 test.
The news occurred on the same day that China's biggest shopping festival, Singles Day, began, with enormous sales from Alibaba and JD.com.
Subscribe Our Newsletter
Hazem
B2BinPay v19 Introduces Instant Swaps and Expanding Blockchain SupportB2BinPay announces the arrival of version 19, introducing instant swaps and broadening support for blockchains.
Companies
Milena
Twitter and Elon Musk Are Again in The News. So Bye, Tesla Stocks!Recent incidents demonstrate once more why Tesla shareholders wish Elon Musk would tweet less. Here is why.
Stocks
Constantine
What is Slippage in Trading? – DefinitionOpening a deal on the financial market is accompanied by some kind of magic, don't you agree? At least, that's what many beginning traders think. Sometimes they "for some reason" start each deal with a small minus (it's a spread), then the position is not always clearly opened at the price they requested.
Forex Business