BABA Stock Forecast: Alibaba Group rebounds as Beijing looks to back domestic companies
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Subscribe to Premium- NYSE:BABA gained 6.81% during Tuesday’s trading session.
- Beijing could be done with its regulatory crackdowns as it shows support to domestic companies.
- Chinese ADR stocks trade higher led by BABA and EV maker Nio.
NYSE:BABA rebounded and erased most of its losses from Monday, as US investors look back to China as a potential investment market. On Tuesday, shares of BABA jumped higher by 6.81% and closed the trading session at $105.23. AliBaba has recently reclaimed its 50-day moving average but remains below its long-term key 200-day moving average price.
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Stocks were mostly mixed on Tuesday, as the S&P 500 dipped further into bear market territory ahead of Wednesday’s FOMC announcement on the next round of rate hikes. The Dow Jones fell by a further 151 basis points, the S&P 500 dipped by 0.38%, and the NASDAQ posted a gain of 0.18% during the session.
While interest rates continue to rise in the US and investors take a risk-off approach to investing, China is softening its financial conditions to accommodate a return from COVID-lockdowns. Beijing has also discussed acquiring a 1% position in major domestic companies to keep the best interest of the country in mind when these corporations make major decisions. In any case, the Chinese stocks that have been beaten down this past year, could look more appealing for US investors given the current fiscal environments.
BABA stock price
AliBaba wasn’t the only ADR stock on the rise on Tuesday. Shares of EV maker Nio (NYSE:NIO) soared higher by 16.63% after announcing a product launch event on Wednesday, June 15th. Other Chinese stocks trading higher included JD.Com (NASDAQ:JD), PinDuoDuo (NASDAQ:PDD), and Bilibili (NASDAQ:BILI) which were all up at least 6% during the session.
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- NYSE:BABA gained 6.81% during Tuesday’s trading session.
- Beijing could be done with its regulatory crackdowns as it shows support to domestic companies.
- Chinese ADR stocks trade higher led by BABA and EV maker Nio.
NYSE:BABA rebounded and erased most of its losses from Monday, as US investors look back to China as a potential investment market. On Tuesday, shares of BABA jumped higher by 6.81% and closed the trading session at $105.23. AliBaba has recently reclaimed its 50-day moving average but remains below its long-term key 200-day moving average price.
Stay up to speed with hot stocks' news!
Stocks were mostly mixed on Tuesday, as the S&P 500 dipped further into bear market territory ahead of Wednesday’s FOMC announcement on the next round of rate hikes. The Dow Jones fell by a further 151 basis points, the S&P 500 dipped by 0.38%, and the NASDAQ posted a gain of 0.18% during the session.
While interest rates continue to rise in the US and investors take a risk-off approach to investing, China is softening its financial conditions to accommodate a return from COVID-lockdowns. Beijing has also discussed acquiring a 1% position in major domestic companies to keep the best interest of the country in mind when these corporations make major decisions. In any case, the Chinese stocks that have been beaten down this past year, could look more appealing for US investors given the current fiscal environments.
BABA stock price
AliBaba wasn’t the only ADR stock on the rise on Tuesday. Shares of EV maker Nio (NYSE:NIO) soared higher by 16.63% after announcing a product launch event on Wednesday, June 15th. Other Chinese stocks trading higher included JD.Com (NASDAQ:JD), PinDuoDuo (NASDAQ:PDD), and Bilibili (NASDAQ:BILI) which were all up at least 6% during the session.
Like this article? Help us with some feedback by answering this survey:
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