Why NetEase (NTES) Shares Hit A New 52-Week High Today
Portfolio Pulse from Henry Khederian
Shares of NetEase Inc (NASDAQ:NTES) hit a new 52-week high, trading higher by 3.8% to $102.40. The rise is attributed to positive sentiment around Chinese stocks following meetings between Premier Li Qiang and tech company heads, and positive comments from China's NDRC on Alibaba Group and Tencent. Additionally, the end of China's regulatory overhaul on Ant Group also contributed to the positive sentiment.
July 12, 2023 | 5:41 pm
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NetEase shares hit a new 52-week high due to positive sentiment around Chinese tech stocks and the end of China's regulatory overhaul on Ant Group.
The rise in NetEase's stock price is directly linked to the positive sentiment around Chinese tech stocks following meetings between Premier Li Qiang and tech company heads, and positive comments from China's NDRC on Alibaba Group and Tencent. Additionally, the end of China's regulatory overhaul on Ant Group also contributed to the positive sentiment, which is likely to have a short-term positive impact on NetEase's stock price.
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