11/29/2022, 4:02 PM (Source: TeleTrader)
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Chinese stocks rally on hopes of lockdown easing

The shares of Chinese tech giants surged during Tuesday's opening bell on Wall Street, amid an overall positive sentiment among investors that Beijing would ease its strict COVID-19 restrictions following weekend protests across the country.

The rally, led by, Baidu, Pinduoduo, and NetEase, came despite the government introducing a lockdown in the Chinese business hub of Shanghai and several other major cities in recent days. Pinduoduo's rally was also prompted by better-than-expected third-quarter earnings results from yesterday. Meanwhile, the Chinese government confirmed it vaccinated nearly two-thirds of its elderly population with a COVID-19 booster shot. jumped 7.53%, Pinduoduo 6.41%, Baidu 6.48%, and NetEase 4.64% at 9:56 am ET on the Nasdaq 100, despite the index overall posting slight losses in the early session.

Baha Breaking News (BBN) / ND