Why PDD Holdings Stock Is Falling
Portfolio Pulse from Henry Khederian
PDD Holdings Inc – ADR (NASDAQ:PDD) stock fell by 2.8% to $139.14 due to broader declines in US-listed Chinese stocks after China's GDP and retail sales figures missed estimates. Despite China's Premier Li Qiang's reassurance at the Davos meeting about the country's economic stability and growth trajectory, investors reacted negatively to the early announcement of China's GDP growth rate for 2023, which is around 5.2%.
January 17, 2024 | 3:21 pm
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PDD Holdings Inc's stock experienced a 2.8% drop, likely influenced by the overall negative sentiment towards Chinese stocks after disappointing economic data from China.
The decline in PDD Holdings' stock price is directly related to the market's reaction to China's economic data. As a US-listed Chinese company, PDD's stock is sensitive to investor sentiment regarding China's economic health. The miss on GDP and retail sales estimates likely led to a bearish outlook in the short term, despite the Premier's optimistic comments.
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