Alibaba stock closed down at $84.11 At close: October 4, 04:01PM EDT
Tuesday saw a rise in Chinese tech stocks as well as the overall market as investors were upbeat following the most recent information on job opportunities and the labor market. Leading Chinese internet giants saw their shares rise, with Alibaba ( NYSE:BABA ) up 5.5%, Weibo (WB) up 7.4%, Baidu ( NASDAQ:BIDU ) up more than 4%, JD.com ( NASDAQ:JD ) up almost 7%, and NetEase (NTES) up 6%.
As the creator of an online entertainment platform announced over the weekend that it had finished moving its principal stock listing to the Hong Kong Stock Exchange, Bilibili saw a gain of more than 9%. Shares of Bilibili are currently listed in Hong Kong and the US.
Tencent Holdings saw an almost 5% increase ( OTCPK:TCEHY ). According to reports, the corporation is considering selling some of its investments in other businesses, including the market leader in Chinese ride-sharing, DiDi Global ( OTCPK:DIDIY ), to raise money for stock buybacks. As trading went on, the KraneShares CSI China Internet ETF (KWEB) also increased, rising by more than 6%.
The Job Openings and Labor Turnover survey, generally known as JOLTs, reported lower than anticipated results for August, allaying some worries about a tighter labor market in the United States. As a result, the market increased.
Alibaba Stock Outlook
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