Alibaba Group Holding Ltd – ADR (NYSE:BABA) shares are trading higher by 2.24% to $104.74 Monday morning. Shares of several Chinese stocks at large are trading higher amid positive macroeconomic news in China related to the real estate sector.
What Happened?
China’s banking and insurance regulator urged lenders to provide credit to eligible developers to help them expedite the delivery of homes delayed by a funding crunch, an unnamed official from CBIRC said, according to Reuters.
Meanwhile, Macau’s government extended the suspension of operations for all industries, commercial companies, and venues in the special administrative region until Friday amid a steep rise in COVID cases… Read More
Why it Matters
Shares of several Chinese companies have seen weakness and were trading lower in recent sessions amid a resurgence in COVID cases which has caused the closure of Macau casinos. Additional regulatory pressures and investigations by the People’s Republic of China into Alibaba may further cloud investor outlook in the name.
According to data from Benzinga Pro, Alibaba has a 52-week high of $216.60 and a 52-week low of $73.28.
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