BABA Stock Price: Alibaba Group climbs once again as bullish momentum continues

NYSE:BABA gained 0.16% during Friday’s trading session.
AliBaba is still firing on all cylinders as the stock recovers.
Another mixed day for Chinese ADRs to close the week.

Stocks Reporter FXStreet

NYSE:BABA continued to roll on Friday as the stock closed higher amidst a sector rotation from growth stocks to value. Shares of BABA gained 0.16% and closed out the trading week at $177.70. Growth stocks took a beating on Friday as disappointing earnings reports hit the tech sector hard. The NASDAQ fared the worst among the three major indices, and the S&P 500 also inched lower during an otherwise flat trading day. The Dow Jones was the lone bright spot, as the blue-chip stock index closed at another fresh new all-time high.

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AliBaba continues to gain momentum as the stock creates a stronger bottom following months of decline. The tech conglomerate is still pumping out products and services, including the entry into the ARM chip sector that it announced earlier this week. AliBaba also unveiled a fast fashion app that is meant to appeal to westerners, called allyLikes. It is most likely meant to target Shein, the Chinese fast fashion app that has been a hit in the Western and European markets. This could be a way for AliBaba to test out its global shipping speeds, as the company announced previously that it hopes to set up delivery times to anywhere in the world within 72 hours.

BABA stock analysis

Friday saw another mixed session for Chinese ADR stocks, as Baba was one of the only companies to close the day in the green. JD.Com (NASDAQ:JD), Nio (NYSE:NIO), Baidu (NASDAQ:BIDU), and Didi (NYSE:DIDI) all finished the session below water, while PinDuoDuo (NASDAQ:PDD) was one of the only other ADRs to close in the positive.

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Stocks Reporter

FXStreet

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