3 China-Based Stock Making Big Moves Today

Call traders are targeting FUTU and JD

Deputy Editor
Dec 28, 2023 at 2:08 PM
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The shares of Alibaba Group Holding Inc Ltd (NYSE:BABA)JD.com Inc (NASDAQ:JD), and Futu Holdings Ltd (NASDAQ:FUTU) are all moving higher today, after overseas traders invested heavily in Chinese stocks due to policy expectations and low valuation. This interest in China-based stocks also follows domestic blue-chip stocks saw their best day in five months.

Of all three equities, BABA is the underperformer, but was still last seen 1.4% higher at $77.20. The security is above the $77 level for the first time since late last month, though its 40-day moving average is capping today's positive price action. Alibaba stock is off 12.2% for 2023.

JD.Com stock is doing better, last seen up 2.7% at $28.49. The security just jumped above its 80-day trendline for the first time since August, and sports a 4.2% month-to-date lead. However, with two days left in 2023, JD isn't likely to overcome its 49.1% deficit for the year.

Call traders are blasting JD in response. More than 56,000 calls have crossed the tape, which is double the intraday average volume. Most popular is the weekly 12/29 29-strike call, where positions are being opened, implying options traders see more upside for the stock by the contract's expiration tomorrow. 

Futu stock is the clear-cut outperformer, up 4.4% at $54.26 at last glance. Bullish bettors are also targeting the equity, with 17,000 calls traded, or five times the volume typically seen at this point. New positions are opening at the most popular contract, the weekly 1/5 57-strike call.

FUTU isn't only outperforming the day, it's the only one of the three stocks that sports a year-to-date gain, up 33.4%. The shares are trading back above their 20-day moving average that's acted as pressure since late November, and added nearly 37% over the last six months. 


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