Ever heard of Pinduoduo? GSX Techedu, or Bilibili? They’re among a handful of technology stocks breaking out to new highs as investors embrace China’s flourishing digital economy.
Cisco Systems (CSCO), Take-Two Interactive Software (TTWO) and Booking (BKNG), and JD.com (JD) all rallied after reporting quarterly numbers. Some beat consensus, others lagged. Regardless, investors found something to like.
Take the good news first: Apple (AAPL) is starting to move beyond its reliance on smart phones and shifting into longer-lasting businesses. Revenue from services and wearables both rose more than expected, while record buybacks helped lift per-share earnings.
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Bilibili (NASDAQ: BILI)
is a leading online entertainment platform for young generations in China hosting video contents and offering mobile games. The company is founded in 2009 in China and went public on NASDAQ in March 2018.
The Golden Dragon Index ($HXC) has surged 9 percent in the last month and is up 28 percent so far in 2019. That’s more than twice the gains of the Nasdaq-100 and SPDR Technology Fund (XLK) over the same periods.
Shares of PayPal (NASDAQ: PYPL)
have surged from around $US77 ($109) late last year to probe record highs above $US97 in late February on the back of analyst upgrades and overall optimism for the company.
The PowerShares GoldenDragon Halter Index ($HXC) is up more than 3 percent today and on pace for its highest close since early October. The gains follow two weeks of consolidation above the 50-day moving average, a potential sign that momentum has turned.
In 2015, 70% of Indonesians on the web were using their phones for access. Back then, the figure was projected to reach 99% by 2018. Also, for many Indonesians – especially in rural areas, their smartphones are their only internet source. In 2015, Indonesia had 63 million active Facebook users, making it the largest national block in the world.