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Why GDS Holdings (GDA) Shares Are Trading Higher Today – GDS Holdings (NASDAQ:GDS)

ByAnusuya Lahiri

Nov 11, 2022
Why GDS Holdings (GDA) Shares Are Trading Higher Today - GDS Holdings (NASDAQ:GDS)

  • GDS Holdings Ltd GDS is a leading developer and operator of high-performance data centers in China.
  • The ease in China’s Covid-19 lockdown guidelines is seen as a positive for companies operating there. Investors are cheering the move.
  • China has slightly relaxed some Covid restrictions even as case numbers have risen to their highest in months, BBC reports.
  • Quarantine for close contacts will be cut from seven days in a state facility to five days and three days at home.
  • Officials will also stop recording secondary contacts implying many people will bypass quarantine.
  • Also Read: GDS Clocks 24% Revenue Growth In Q2; Cuts FY22 Outlook
  • The slight easing comes weeks after Xi Jinping was re-instated as party leader for a historic third term.
  • Xi held his first Covid meeting with his newly elected Standing Committee on Thursday.
  • China’s zero-Covid policy dealt a punishing blow to the economy and ordinary people’s lives.
  • Beijing, Guangzhou, and Zhengzhou currently saw record numbers.
  • On Thursday, China’s new Covid cases peaked at 10,500, the highest daily total since April when China shut down its largest city Shanghai to combat a wave there.
  • Despite the minor changes, however, most restrictions remain in place. 
  • Price Action: GDS shares traded higher by 13.1% at $12.44 on the last check Friday.

Image and article originally from www.benzinga.com. Read the original article here.