U.S.-listed Chinese internet stocks rallied in Monday trading after the People's Bank of China said it would intervene to help stimulate the Chinese economy (Alibaba Group Holding Ltd. (BABA), JD.com Inc. (JD), and Qutoutiao Inc. (QTT) Shares of Baidu Inc. (K3SD.SG) and iQiyi Inc. (IQ) are also up sharply after Baidu raised its outlook late Friday but said it would be delaying its earnings report due to the outbreak. The KraneShares CSI China Internet ETF (KWEB) is up 2.9% in Monday trading, though it has fallen 3.3% over the past month.) as the coronavirus continues to spread, stalling business operations in the company. The rally for U.S.-listed internet stocks comes as the Shanghai Composite index dropped about 8% after it reopened Monday at the culmination of the Lunar New Year holiday, though the decline was not as steep as some had feared. Among the U.S.-listed shares trading higher in Monday's session are
-Emily Bary; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
February 03, 2020 12:18 ET (17:18 GMT)
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