Alibaba Group Holding Inc. Baba, JD.com Inc. J.D And Pinduoduo Inc. PDD All were bullish in Tuesday’s premarket trading on top of Monday’s gains.
what happen: Stocks received a shot from a report released by the National Bureau of Statistics, which showed that online retail sales continued to grow and its contribution to overall retail sales also improved.
See also: Alibaba up 2%, Neo down 3%: Hong Kong stocks mixed on mixed voices from Fed cool rally
The NBS report showed that online retail sales rose 7.2% in the January-October period, faster than the 6.1% growth in the January-September period.
This will benefit major players in the e-commerce industry such as Alibaba, JD and Pinduoduo.
E-commerce strength aside, most other economic data released on Tuesday showed economic conditions softening amid the renewed COVID-19 outbreak, which has forced the imposition of stricter lockdown norms. Retail sales fell 0.5% in October, marking the first decline since the Shanghai lockdown earlier this year, and industrial production growth came in below expectations. This should support stimulative policy moves from the government and the domestic central bank.
Alibaba rose 10.98% to $79.16 in premarket trading on Tuesday, according to Benzinga Pro Data. JD gained 8 percent to $54.92 and Pinduo rose 5.73 percent to $69.14.