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Alibaba leads Chinese techs north on Covid-easing hopes

  • Chinese tech stocks such as Alibaba (NYSE:BABA), Baidu (NASDAQ:BIDU) and Tencent Holdings (OTCPK:TCEHY) rallied Friday amid signs that Beijing is going back to easing some of its Covid-related restrictions.
  • Friday's gains came a day after reports said China was moving away from large-scale lockdowns that have led to protests across the country and caused disruptions in everything from the production of Apple's (AAPL) iPhones to people being able to visit Shanghai Disneyland (DIS).
  • Among notable Chinese tech companies, Alibaba (BABA) shares climbed more than 5%, while Baidu (BIDU) was up by 4% and Tencent (OTCPK:TCEHY) rose more than 2%.
  • Other gains came from Weibo (WB), which rose almost 8%; JD.com (JD), up by nearly 4% and Pinduoduo (PDD), which rose by 3.5%.
  • The KraneShares CSI China Internet ETF (KWEB) pushed north, and was up by almost 6%.
  • The day's activity highlighted what has been a back-and-forth for weeks on Wall Street as Covid-related lockdowns, and protests around China, have been countered by reports that the country is tentatively edging back from its "Zero-Covid" policy.