KC - Alibaba JD.com lead Chinese tech stocks higher as China cuts key interest rate

2023-06-15 10:00:22 ET

Alibaba ( NYSE: BABA ), JD.com ( JD ) were among the leading Chinese technology stocks early on Thursday after the country's central bank cut a key interest rate as it hopes to provide a jolt to a struggling economy.

Alibaba ( BABA ) gained 3.4% shortly before 10 a.m. EST, while JD.com ( JD ) also tacked on more than 3% . Also seeing strong gains were PDD Holdings ( PDD ), Baidu ( BIDU ) and Tencent ( OTCPK:TCEHY ).

Smaller Chinese tech stocks saw more muted gains, as Weibo ( WB ) gained 2.8% , while NetEase ( NTES ), Bilibili ( BILI ) and Kingsoft Cloud Holdings ( KC ) were mixed in early trading.

Separately on Thursday, it was reported that Alibaba ( BABA ) is looking to develop local businesses outside China, with Europe being the main priority.

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