Alibaba Stock Rises as China Limits Sell Orders
Alibaba Group Holding Ltd (NYSE: BABA ) shares are surging Friday as U.S.-listed Chinese stocks climb on talk that Beijing intervened to calm the market. Here’s what you should know. Alibaba Gr Hldgs stock is showing exceptional strength. What’s behind BABA gains? Alibaba Jumps as U.S.-Traded Chinese Stocks Rally On Intervention Speculation U.S.-traded Chinese stocks are climbing on speculation that Chinese government authorities curbed sell orders during Asia trading. Nobody could pin down the trigger. Some traders cited online screenshots of unverified regulatory guidance meant to restrain selling. Others credited purchases by the National Team. Fu Zhifeng, chief investment officer at Shanghai Chengzhou Investment Management, said rumors are circulating that regulators gave funds and insurers window guidance to cap sell orders. Companies have yet to confirm the claim, Fu said. Hao Hong, chief investment officer at Lotus Asset Management in Hong Kong, said the National Team likely stepped in after the Shanghai Composite slid beneath a key tech
-listed Chinese stocks climb on talk that Beijing intervened to calm the market. Here’s what you should know. Alibaba Gr Hldgs stock is showing exceptional strength. What’s behind BABA gains?
-traded Chinese stocks are climbing on speculation that Chinese government authorities curbed sell orders during Asia trading. Nobody could pin down the trigger. Some traders cited online screenshots of unverified regulatory guidance meant to restrain selling. Others credited purchases by the National Team.
Fu Zhifeng, chief investment officer at Shanghai Chengzhou Investment Management, said rumors are circulating that regulators gave funds and insurers window guidance to cap sell orders. Companies have yet to confirm the claim, Fu said. Hao Hong, chief investment officer at Lotus Asset Management in Hong Kong, said the National Team likely stepped in after the Shanghai Composite slid beneath a key technical level. “3800 is still seen as a line in the sand to defend,” Hong said.
Over the past year, the index bounced every time it approached that level, Hong said, so traders view it as a defensible floor in the near term. Alibaba Outpaces the Consumer Discretionary Sector Alibaba is beating its Consumer Discretionary peers Friday. 9 percentage points. The sector ranks third among 11 today, so Alibaba is out front inside a relatively strong group.
The sector’s recent trend has zigzagged. 94% over 90 days. Against that backdrop, Alibaba’s jump looks like a short-term rotation inside a sector without a clean multi-month uptrend. 83 at the time of publication on Friday, according to Pro.
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