The large e-commerce companies have become sensitive to macroeconomic developments in recent weeks, given their reliance on the health of the consumer.
China’s property stocks may have led the way Monday after a flurry of good news for the sector, but there were also sizable gains for the country’s biggest internet companies.
With the U.S. market closed Monday for Labor Day, the companies’ American depositary receipts may well catch up with gains of their own in Tuesday’s trading. But those measures led to a broad-based rally in Chinese stocks, including its tech giants. It also added to the feeling that Beijing may keep the stimulus measures coming. Goldman Sachs analyst Hui Shan said she expects measures to continue “until policymakers are satisfied with the result.”
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