US MARKETS

Alibaba's rise leads positive early trade for China's US-listed shares

PUBLISHED : Friday, 16 October, 2015, 1:36am
UPDATED : Friday, 16 October, 2015, 1:36am

Online consumer giant Alibaba saw its American depositary receipts move 3.87 per cent higher to US$71.21 in New York trading on Thursday, the stock’s strongest level in more than a month, in an overall postive morning for US-listed Chinese shares.

Netease gained 2.79 per cent to US$132.88 while e-commerce site Qunar added 2.92 per cent to US$37.73. Ctrip rose 2.28 per cent at US$70.

Chinese ADRs tracked a strong showing in China where benchmark indices rose more than 2 per cent on Thursday.

Mainland education group New Oriental Education & Tech rose 0.95 per cent to US$22.34, though online beauty retailer Jumei International slipped 0.3 per cent to US$10.05.

US core consumer price index data for September, which excludes any change in food and energy costs, showed a 0.2 per cent rise, more than expected, sending US Treasury yields up in muted anticipation the slight pickup in inflation might nudge the likelihood of a near-term interest rate increase.