BABA Stock News: Alibaba Group slips lower as Beijing imposes more lockdowns

NYSE: BABA fell by 1% during Thursday’s trading session.
Beijing continues to implement new lockdowns as COVID cases rise.
Chinese ADR stocks dip lower as protests rock Communist Party Congress.

Stocks Reporter FXStreet

Alibaba Group (BABA) dropped lower on Thursday despite a historic intraday rally that saw the S&P 500 snap its recent six-day losing streak. Shares of BABA fell by 1% and closed the trading session at a price of $75.01. Stocks initially pulled back after the release of the September CPI Report but pulled off a record bounce later in the day. Inflation came in higher than expected for September, but the oversold conditions in the market led to a relief rally. Overall, the Dow Jones gained 2.8%, the S&P 500 added 2.6%, and the Nasdaq rose higher by 2.2% during the session.

Alibaba stock price

As China continues to grapple with its zero-covid policy, Beijing reimposed more rounds of new restrictions in major cities. Shanghai is one of those cities, and many are concerned as the country is finally just recovering from its last round of lockdowns. Given that Shanghai is the financial and business capital of the country, we could be on the verge of another period of slowing economic growth for China. Beijing also saw increased restrictions ahead of the Communist Party’s Congress later this week.

This event is already causing distress as anti-CCP protestors are rallying outside of the congress buildings. Much of the protests stem from anti-covid lockdown sentiment as tensions continue to rise in the country. Chinese ADR stocks were paying the price on Thursday as JD.Com (JD), PinDuoDuo (PDD) and Nio (NIO) were all trading well below water alongside Alibaba.

BABA 5-minute chart 10/13/22

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Stocks Reporter

FXStreet

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