Shares in the NASDAQ listed Chinese portal, Soufun, jumped 7.2% on Wednesday following JP Morgan upgrading its recommendation to overweight. Underlying this recommendation is a view that the e-commerce (i.e. transaction) investments are ready to bear fruit. It was only on Monday this week that Soufun hit a 52 week low of $5.98.
Also helping Soufun (and other Chinese listed stocks such as Leju and eHouse), the Chinese central bank (PBOC) cut its reserve ratio for banks by 50 basis points to 19.5%.
Soufun will release its Q4 results on February 10th.