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Pinduoduo Rally Continues, Shares Up 9%

Shares of Chinese agriculture platform Pinduoduo Inc. (PDD) are climbing 9 percent on Thursday's trading, continuing its rally from past three days.

PDD is currently trading at $57.97, up $4.76 or 8.96%, on the Nasdaq. The stock opened its trading at $49.01 after closing Wednesday's trading at $53.21. The stock has traded between $23.21 and $109.79 in the past 52-week period.

Asian stocks advanced on Thursday as investors looked forward to Fed Chair Jerome Powell's speech on Friday at the central banking conference in Jackson Hole for further cues on the monetary policy outlook.

The stocks were also driven by China's decision to step up its economic stimulus with a further 1 trillion yuan ($146 billion) of measures to bolster growth and curb the fallout of repeated Covid lockdowns.

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