China Automotive Systems (NASDAQ:CAAS) was one of the biggest gainers in the consumer sector in early trading on Monday. Shares rose 10.80% on strong volume to hit a new 52-week high of $8.00.
The jump appears to be tied to Chinese authorities accelerating a shift toward reopening the economy by pulling back on some COVID restrictions. Over the last week, cities including Beijing, Shanghai, Shenzhen and Guangzhou have changed some of their strictest COVID policigtes.
Other Monday gainers off the China developments included Pingtan Marine Enteprise (PME) +12.20%, Studio City International Holdings Limited (MSC) +9.80%, Luckin Coffee (LKNCYU) +9.05%, GreeTree Hospitality (GHG) +7.07%, Faraday Future Intelligent Electric (FFIE) +6.37%, Niu Technologies (NIU) +5.05%, H World Group (HTHT) +3.05%.
Related: Melco Resorts pushes higher as COVID-relief rally extends to 30% in a week.
Read More: China Automotive, Luckin Coffee and Faraday Future lead rally in China-related stocks