By Elsa Ohlen
The rally of Chinese stocks took a breather Thursday after having gained almost 30% from September lows.
Shares of e-commerce giants Alibaba and JD.com fell 4.4% and 7.9%, respectively. Electric vehicle makers NIO and BYD dropped 7.4% and 6.4%. Game developer Tencent closed 0.8% lower.
Alibaba's American depositary receipts, or ADRs, fell 3.2% to $111.62 in the premarket, while JD.com ADRs fell 4.1% to $42.95. NIO ADRs were down 4% to $6.92.
The setbacks follow the impressive rally that came after China's government and central bank unleashed a wave of stimulus for the world's second-biggest economy. Measures included interest-rate cuts and additional funds to buy stocks.
While some analysts saw this as the start of an even bigger rally, others said the measures weren't enough to get China's battered economy back on its feet.
"The China stimulus rally has lost steam," Kathleen Brooks, research director at XTB said Thursday.
The Hang Seng Index in Hong Kong ended the Thursday trading session 1.5% lower, snapping a 13-day winning streak. The Hang Seng Tech Index fell 3.5%.
The Shanghai Composite index remained closed for the Golden Week holiday.
Write to Elsa Ohlen at elsa.ohlen@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
October 03, 2024 07:03 ET (11:03 GMT)
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