EDUSELL
Financial Market Examiner
Midas Crypto Vault
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews
No Result
View All Result
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews
No Result
View All Result
Financial Market Examiner
No Result
View All Result
Home Forex News

Stock: Alibaba Shares Advance 5% on Reduced China Covid Restrictions

Admin by Admin
November 29, 2022
in Forex News
0
Alibaba Shares Advance 5% on Reduced China Covid Restrictions

Alibaba Shares Advance 5% on Reduced China Covid Restrictions

0
SHARES
1
VIEWS
Share on FacebookShare on Twitter
MMC MMC

Alibaba (BABA) stock has jumped more than 5.2% in Tuesday’s premarket to $80 after China’s National Health Commission said covid-related lockdowns should end as soon as possible. This announcement sent nearly all Chinese stocks higher as renewed covid lockdowns had pushed these same stocks into a slump over the past several weeks.

Protests across China starting last week and seeming to die down on Monday had also weighed on sentiment, but now it appears that the Chinese Communist Party is listening to protestors’ concerns. If lockdowns do indeed end, then the reopening of trade should ignite even further.

Now Alibaba might have a window of hope to regain its footing after bulls have largely lost interest in a stock that has been greatly hurt by government policies and regulators. The Hang Seng Index rallied 5.2% early Tuesday.

Wall Street’s consensus price target is $137, 71% higher than even the premarket’s elevated price, but BABA stock will require a sustained change in government policy to build back its share price.

Of course, the government has talked about reopening before but always returns to its prior policy after covid cases begin to spike. This time it could be different, however, since China rarely features protests that last for multiple days. These protests were enough to scare Wall Street on Monday as trading houses worried how Chinese production would affect US corporations. Tesla (TSLA) and Apple (AAPL) were stocks in the crosshairs due to their extensive production in China.

Other Chinese stocks like JD.com (JD) and Pinduoduo (PDD), major competitors to Alibaba, are also getting in on the fun. JD.com advanced 6.6% early Tuesday, while Pinduoduo adds 5.4% on top of its Monday earnings surge. Truist Securities and Benchmark both reaffirmed their Buy ratings on Alibaba stock following earnings on November 17 but cut their price targets to $120 and $180, respectively.

Related- Microstrategy Buys $6 Million BTC in Bear Market, Stock Down 6%

Share on TwitterTweet
Share on Pinterest Share
Share on LinkedIn Share
Share on Digg Share
Tags: Alibaba
Institutional Trading Concept Institutional Trading Concept Institutional Trading Concept
ADVERTISEMENT
Previous Post

Gold Stabilizes Above $1,750 Following Earlier Rebound

Next Post

BlockFi Plans To Return All Customer Funds

Admin

Admin

Next Post
BlockFi Plans To Return All Customer Funds

BlockFi Plans To Return All Customer Funds

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

  • 99 Subscribers
  • Trending
  • Comments
  • Latest
AUD USD pair

Forex: AUD/USD Point To More Downside For The Aussie

October 20, 2022
yen and dollar

FOREX-Yen Flirts With Intervention Level As Dollar See Gains

October 11, 2022
Virtual stadium in the metaverse

Why Virtual Stadium Can Be the Next Big Thing in the Metaverse

January 26, 2023
USDD Depegs

USDD Stablecoin Depegs To $0.96, Tron (TRX) Dumped

December 12, 2022
What is Initial Coin Offering?

Initial Coin Offering (ICO)

0
What is staking?

Staking

0
What is Defi?

Defi (Decentralized Finance)

0
Differences between Axie Infinity and Decentraland

Axie Infinity and Decentraland: Features and Differences

0
What is Wiki Cat

What is Wiki Cat (WKC)?

February 1, 2023
FTX Group Interim Financial Update Contradicts Court Filing, Shows Exchange Had $1.43B In Cash

FTX Group Interim Financial Update Contradicts Court Filing, Shows Exchange Had $1.43B In Cash

February 1, 2023
Tesla Lost Millions In Crypto

Tesla Lost Millions In Crypto

February 1, 2023
UK Treasury Publishes Crypto Framework Paper

UK Treasury Publishes Crypto Framework Paper

February 1, 2023

Recent News

What is Wiki Cat

What is Wiki Cat (WKC)?

February 1, 2023
FTX Group Interim Financial Update Contradicts Court Filing, Shows Exchange Had $1.43B In Cash

FTX Group Interim Financial Update Contradicts Court Filing, Shows Exchange Had $1.43B In Cash

February 1, 2023
Tesla Lost Millions In Crypto

Tesla Lost Millions In Crypto

February 1, 2023
UK Treasury Publishes Crypto Framework Paper

UK Treasury Publishes Crypto Framework Paper

February 1, 2023
Financial Market Examiner

Get all the latest Financial Market (Crypto & Forex) news, updates and other relevant resources here.

Follow Us

Browse by Category

  • Crypto News
  • Education
  • Forex News
  • Gaming
  • Reviews
  • Stocks

Recent News

What is Wiki Cat

What is Wiki Cat (WKC)?

February 1, 2023
FTX Group Interim Financial Update Contradicts Court Filing, Shows Exchange Had $1.43B In Cash

FTX Group Interim Financial Update Contradicts Court Filing, Shows Exchange Had $1.43B In Cash

February 1, 2023

© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.

No Result
View All Result
  • Home
  • Education
  • Forex News
  • Crypto News
  • Stocks
  • Reviews

© 2022 Financial Market Examiner. - Designed by Mayconcept Solutions.

?>