BABA Stock Price: Alibaba sinks as Ukraine pressure sends fear through markets

NYSE:BABA fell by 1.40% during Friday’s trading session.
Reports of an impending attack on Ukraine sent the markets spiralling on Friday.
AliBaba-rival Tencent denies reports of increasing its stake in Didi.

Stocks Reporter FXStreet

NYSE:BABA fell alongside the broader markets on Friday as higher than expected inflation rates and an impending attack on Ukraine weighed on investors. Shares of BABA fell by 1.40% and closed the trading week at $122.25. It was another bearish day for the US markets as all three major indices fell once again. After a positive start to the week, the red-hot inflation report sent stocks downward on Thursday and Friday. The NASDAQ dropped by a further 2.78%, the S&P 500 fell by 1.90%, and the blue-chip Dow Jones tumbled by 503 basis points.

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The major news that hit the markets on Friday was that the White House warned American residents in Ukraine that Russia could be moving in on an attack over the next couple of weeks. While the world has its attention on Beijing for the Winter Olympic Games, the US believes that Russia is preparing for an impending attack. These headlines sent the markets reeling. It was also reported last week that Russian President Vladamir Putin was in China, seeking support from the Chinese government as the Olympics were starting.

BABA forecast

In other ADR news, beleaguered ride-hailing company Didi Global (NYSE:DIDI) continued its tumultuous time on the US markets on Friday. The decline of Didi's stock came after Tencent reported that it had not increased its stake in Didi despite previous reports. Didi’s stock is down 72% over the past 52-weeks and is down 24% so far in 2022. Impending threats of being delisted continue to haunt Didi as the company looks to pursue a listing back in its home country.

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Stocks Reporter

FXStreet

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