China tech rally leaves US rivals in the dust
Tencent and Alibaba gains this year are almost double those of US counterparts
Shares of Facebook, Amazon, Google parent Alphabet, and Netflix have all posted gains of more than 20% this year, but as the WSJ reports, China’s tech heavy weights make the US tech rally look modest.
Tencent and Alibaba have both jumped more than 40%, and investors don’t expect them to slow down just yet.
“Fundamentals for these large-cap internet stocks have been pretty resilient,” John Choi of Daiwa Capital Markets was quoted by the WSJ as saying. “The overall momentum is still very strong and I think there is more to come.”