Internet companies little-known outside their home markets are proving a favourite with stock pickers as self-isolating shoppers drive a surge in demand.
E-commerce stocks like Pinduoduo Inc, B2W Cia Digital, Cafe24 Corp and Jumia Technologies AG continue to rise and are on the verge of erasing their losses from the first-quarter slump, even as the broader equity rebound in developing markets stalls. The rally isn’t being led by the biggest name of them all – Alibaba Group Holding Ltd – but companies one-tenth its size.