Shares of Chinese companies, including Alibaba Group Holding Ltd - ADR BABA, are trading lower. Concerns over COVID-19 cases in China, as well as U.S. market weakness, have pressured Chinese stocks today.
The COVID-19 lockdown in Shanghai and other parts of China has weighed on the broader Chinese economy and Chinese stocks in recent months. The IMF in April downgraded China’s growth forecast to 4.4% from 4.8%, citing pain from its coronavirus restrictions.
Shares of multiple Chinese companies have seen volatility in 2022 and are trading lower on a year-to-date basis following reports the SEC has identified multiple US-listed ADRs as having not adhered to the Holding Foreign Companies Accountable act. The continued Russia-Ukraine conflict could also be impacting Chinese stocks.
See Also: Why DoorDash Shares Are Rising Today
Alibaba is the world's largest online and mobile commerce company as measured by gross merchandise volume.
According to data from Benzinga Pro, Alibaba has a 52-week high of $230.89 and a 52-week low of $73.28.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
