Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Chinese online gaming specialist Perfect World (Nasdaq: PWRD) surged 12% in intraday trading Tuesday on extraordinarily high volume.

So what: At the time of publication, more than 1.5 million shares of Perfect World had already changed hands, versus its average volume of about 474,000 shares. I can't pinpoint any company-specific news fueling the pop, but with rivals like Sina (NYSE: SINA), (Nasdaq: SOHU), and Shanda Interactive (Nasdaq: SNDA) also rallying today, there's definitely something about the Chinese online gaming space that has Mr. Market all excited.

Now what: Even with today's rally, Perfect World remains a reasonable value. While the shares are now up more than 35% in April alone, they still trade at forward P/E of only 9.5. With a pair of potential blockbuster games (The Heaven Sword and Dragon Saber and Laughing in the Wind) slated for 2011, along with the initiation of its massive $100 million buyback program, Perfect World might be too cheap to pass up.

Interested in more info on Perfect World? Add it to your watchlist.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Sina is a Motley Fool Stock Advisor pick. Sohu is a recommendation of Rule Breakers. Try any of our Foolish newsletter services free for 30 days.

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