Why Alibaba Shares Are Falling

Alibaba Group Holding Ltd - ADR BABA shares are trading lower by 2.57% to $78.91 Tuesday morning. Shares of several Chinese stocks are trading lower in possible reaction to concerns over a COVID wave in China. Also, concerns over China's economic recovery continue to negatively impact the sector.

What Else?

Per a recent report by CNBC, COVID infections could reach as many as 65 million cases per week by the time the surge peaks at the end of June.

Respiratory disease specialist Zhong Nanshan shared data on the new wave of infections during a recent medical conference in Guangzhou, as reported by CNBC.

Per CNBC, Zhong Nanshan indicated that the wave, which commenced in late April, was expected, with his modeling suggesting a potential surge of around 40 million weekly infections in China. He further projected that by the end of June, the weekly number of infections would reach its peak at 65 million.

According to data from Benzinga Pro, BABA has a 52-week high of $125.84 and a 52-week low of $58.01.