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JPM: Recent CN Techs' Rally Juiced by Buying, Not Short Coverings
Recommend 22 Positive 49 Negative 9 |
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The size of ADR short coverings in major companies such as Alibaba (BABA.US), JD.com (JD.US) and Baidu (BIDU.US) has not seen radical changes in recent days, suggesting that the rally since the introduction of stimulus measures by China has been driven primarily by buying, not short coverings, JP Morgan opined. Although short sellers have already recorded losses based on market prices, as data analysis firm S3 Partners also mentioned, they are in no hurry to close their positions. Alibaba, JD.com and Baidu's short coverings still account for 2%-3% of the outstanding shares, but if the upward trend sustains, it is expected that a large number of short coverings will emerge, which will further buoy up the stock prices. AAStocks Financial News |
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