Tuya (TUYA) Stock: Why The Price Increased Over 11%

By Amit Chowdhry ● Apr 29, 2022
  • The stock price of Tuya Inc (NYSE: TUYA) increased by over 11% pre-market today. This is why.

The stock price of Tuya Inc (NYSE: TUYA) increased by over 11% pre-market today. Chinese technology stocks saw a broad rally today as the top leaders in the country had vowed to drive economic stimulus and speculation about an easing of the continued crackdown on Internet companies, according to Bloomberg.

The Hang Seng Tech Index increased 10% in Hong Kong, which is the most since March 16. And The Communist Party’s Politburo noted authorities will unveil specific measures to support the healthy and normal development of the platform economy. After the Labor Day holiday, the Chinese government is planning a symposium with “Big Tech.”

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.