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Chinese e-commerce stocks rise after Alibaba earnings

Shares of several major U.S.-listed Chinese e-commerce firms rose Thursday after Alibaba Group's earnings showed continued strength in Chinese consumer spending.

"I like the results. I thought the results were good. It shows the consumer side and IT side that is not too bad," said Ilya Feygin, senior strategist and managing director at WallachBeth Capital, which has no position in Alibaba.

"Consumption seems to be good, but it's very concentrated. It's not benefiting everyone," he said.

Alibaba closed the day 4 percent higher, while e-commerce rival climbed about 2.6 percent. Other Chinese internet names such as NetEase, Sina and Ctrip rose nearly 1 percent or more on Thursday.

KWEB, an ETF that tracks Chinese internet names including the Hong Kong-listed Tencent, spiked more than 1.5 percent in morning trade before holding slightly higher. The ETF ended the day flat.

These and other major U.S.-listed...