Sina Stock Gains as Chinese Stocks Rally

NEW YORK (TheStreet) -- Shares of Sina (SINA) were gaining 7% to $56.10 on heavy trading volume Friday afternoon after the Shanghai Composite Index reached its highest level since January 2008.

The Shanghai market closed up 1.5% at 5,023.10 on Friday, reaching about 5,000 for the first time in more than seven years, according to the Wall Street Journal. The market closed above 5,000 Friday after the Shanghai index fell 5% midday on Thursday.

The milestone mark for the index helped bring up a number of Chinese stocks.

Sina is a Chinese online media company based in Shanghai. The company has more than 100 million users worldwide and is the parent company of Weibo (WB).

About 4.7 million shares of Sina were traded by 3:26 p.m. Friday, above the company's average trading volume of about 1.8 million shares a day.

TheStreet Ratings team rates SINA CORP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate SINA CORP (SINA) a HOLD. The primary factors that have impacted our rating are mixed ? some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, compelling growth in net income and reasonable valuation levels. However, as a counter to these strengths, we find that the stock has had a generally disappointing performance in the past year."

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