Alibaba Group Holding Ltd - ADR (NYSE:BABA) shares are trading higher by 3.71% at $96.84. Strength is possibly due to hopes of a Shanghai reopening.
The COVID-19 lockdown in Shanghai and other parts of China has otherwise weighed on the broader Chinese economy and Chinese stocks in 2022. The IMF in April downgraded China’s growth forecast to 4.4% from 4.8%, citing pain from its coronavirus restrictions.
See Also: Why C3.Ai Shares Are Getting Hammered 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.
