JD.com shares gain as Prosus stock sale removes ‘big overhang’

0
22

U.S.-listed shares of JD.com Inc. JD, +2.77% were rallying about 4% in Monday morning trading after Dutch internet holding company Prosus NV PRX, +15.72% disclosed that it sold its stake in the Chinese e-commerce company for $3.7 billion. “This was a big overhang that investors were avoiding JD on long side, but now that it has been removed, creates an even better LONG set-up into China economic forum in July where we expect Xi to outline greater stimulus to spark economic growth,” wrote Mizuho desk-based analyst Jordan Klein, who is associated with the sales team and not the research unit. JD.com’s U.S.-listed shares have gained 11.0% over the past three months as the KraneShares CSI China Internet ETF KWEB, +0.16% has risen 14.6% and as the S&P 500 SPX, +0.20% has declined 14.1%.

This article was originally published by Marketwatch.com. Read the original article here.

Previous articleThe Ratings Game: Coinbase could see ‘further degradation,’ Goldman warns in downgrade
Next articleChevron, Caterpillar and Merck are top gainers as Dow rises by 65 points

LEAVE A REPLY

Please enter your comment!
Please enter your name here