Baidu Inc BIDU shares are trading higher by 7.2% to $106.93 Tuesday. Shares of several Chinese stocks are seeing strength following a report that China is contemplating a 2 trillion yuan ($278 billion) stock market rescue package.
What Happened?
Chinese authorities are said to be planning a significant rescue package to stabilize the struggling stock market. Insiders have disclosed that policymakers are looking to create a stabilization fund worth approximately 2 trillion yuan ($278 billion).
The fund will be sourced mainly from the offshore accounts of Chinese state-owned enterprises and is intended to buy shares onshore through the Hong Kong exchange link.
Foreign investors have notably withdrawn from the Chinese equity market, evident in the sharper declines of Chinese stocks on Hong Kong’s Hang Seng Index compared to domestic shares…Read More
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According to data from Benzinga Pro, Baidu Inc has a 52-week high of $160.88 and a 52-week low of $97.51.
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