BABA - What's Going On With Alibaba And Chinese Peer Stocks Tuesday? | Benzinga
Alibaba Group Holding Limited (NYSE:BABA) stock is trading higher Tuesday in line with broader indexes IShares China Large-Cap ETF (NYSE:FXI) and KraneShares Trust KraneShares CSI China Internet ETF (NYSE:KWEB).
Alibaba peers, including PDD Holdings Inc (NASDAQ:PDD), Baidu, Inc (NASDAQ:BIDU), and JD.Com, Inc (NASDAQ:JD), also joined the rally.
The stock rally follows reports of China eying a stimulus package to stabilize the slumping stock market.
Chinese authorities are considering a new stabilization fund of about $278 billion (2 trillion yuan) to support the stock market, Bloomberg reports.
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