Rate cut in China spurs Chinese shares on Wall Street

PUBLISHED : Saturday, 24 October, 2015, 2:22am
UPDATED : Saturday, 24 October, 2015, 2:23am

The American Depository Receipts of most Chinese firms jumped in early trade on Friday, as Wall Street surged after China announced a sixth interest rate cut in less than a year to boost its sputtering economy.

The country’s e-commerce giant Alibaba Group Holdings climbed 4.7 per cent to US$74.30 in late morning trade. 

Online travel platform Qunar Cayman Islands rose 6.4 per cent to US$39.44. It has gained 40 per cent in four days.

And Bitauto Holdings, an internet content and marketing services provider for China’s auto industry, soared 6.9 per cent to US$35.33, marking sixth straight day of increase, up 40 per cent in total.

However, three stocks experienced constant switches between negative and positive changes and were trading down as of 1600 GMT. YY Inc lost 0.21 per cent, Qihoo 360 Technology fell 0.13 per cent and Vipshop Holdings was down 0.13 per cent.

The Deutsche X-trackers Harvest CSI 300 China A-Shares ETF increased 2 per cent to US$36.64. The iShares China Large-Cap ETF tracking Hong Kong shares rose 1.2 per cent to US$40.19.