TECH - Why Is Alibaba Stock Trading Lower Monday? | Benzinga
Alibaba Group Holding Limited (NYSE:BABA) stock is sliding Monday in line with the broader indexes IShares China Large-Cap ETF (NYSE:FXI) and KraneShares Trust KraneShares CSI China Internet ETF (NYSE:KWEB).
Hong Kong stocks have plunged to a 15-month low, adding to a three-week decline as investors expressed disappointment over China’s economic recovery and unchanged key lending rates.
The Hang Seng Index dropped 2.3% to a level last seen in October 2022, and the Hang Seng Tech Index sank 3%, reaching its lowest since April 2020.
Mainland Chinese markets experienced even sharper declines, with the Shanghai Composite Index falling 2.7% and the Shenzhen Composite Index plunging 4.5%, SCMP reports.
Prominent Chinese tech companies like Tencent Holding Ltd (OTC:TCEHY), Meituan (OTC:MPNGF) (OTC:MPNGY), and Baidu Inc (NASDAQ:BIDU) led steep declines in stock values.
Also Read: Alibaba and Other Major Hong Kong Stocks Suffer Losses, Marking Worst Year Start Since 2016
The real estate sector also faced significant losses, with China Resources Land and Longfor seeing ...