- NYSE: BABA gained 0.78% during Friday’s trading session.
- There is a report that the PBOC has approved the Ant Group’s application.
- JD.Com could begin to challenge AliBaba in the food delivery market.
NYSE: BABA jumped out of the starting bell on Friday but any early surge was quickly erased by a tentative close to the week for the broader markets. Shares of BABA gained 0.78% and closed the trading day at $102.24. The quarterly quadruple witching day for options expiry sent the major averages in opposite directions to close the week. The Dow Jones was the only major index in the red after posting a 38 basis point loss, while the S&P 500 and NASDAQ added 0.22% and 1.43% respectively during the session.
Stay up to speed with hot stocks' news!
The major news in China was that the People’s Bank of China (PBOC) has reportedly approved the Ant Group for a financial holding license. This comes after more than a year since the Ant Group IPO was derailed following Beijing’s crackdown on its major tech companies. Ant Group will be a full financial holding company, which many believe will signal a renewal of its IPO and a debut on the public markets in the near future. At the time of its original IPO, the Ant Group would have been the largest IPO in history with a $280 billion pre-IPO valuation.
BABA stock price
AliBaba might soon have a new competitor in the Chinese food delivery market. Fellow eCommerce giant JD.Com (NASDAQ: JD) is reportedly mulling over an entry into the industry. The company already battles with food delivery giant Meituan, and a third tech titan could reduce Alibaba’s overall market share.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD consolidates recovery below 1.0700 amid upbeat mood
EUR/USD is consolidating its recovery but remains below 1.0700 in early Europe on Thursday. The US Dollar holds its corrective decline amid a stabilizing market mood, despite looming Middle East geopolitical risks. Speeches from ECB and Fed officials remain on tap.
GBP/USD advances toward 1.2500 on weaker US Dollar
GBP/USD is extending recovery gains toward 1.2500 in the European morning on Thursday. The pair stays supported by a sustained US Dollar weakness alongside the US Treasury bond yields. Risk appetite also underpins the higher-yielding currency pair. ahead of mid-tier US data and Fedspeak.
Gold appears a ‘buy-the-dips’ trade on simmering Israel-Iran tensions
Gold price attempts another run to reclaim $2,400 amid looming geopolitical risks. US Dollar pulls back with Treasury yields despite hawkish Fedspeak, as risk appetite returns.
Manta Network price braces for volatility as $44 million worth of MANTA is due to flood markets
Manta Network price is defending support at $1.80 as multiple technical indicators flash bearish. 21.67 million MANTA tokens worth $44 million are due to flood markets in a cliff unlock on Thursday.
Have we seen the extent of the Fed rate repricing?
Markets have been mostly consolidating recent moves into Thursday. We’ve seen some profit taking on Dollar longs and renewed demand for US equities into the dip. Whether or not this holds up is a completely different story.