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Benzinga
Benzinga
Business
Henry Khederian

Why Alibaba Shares Are Diving

Alibaba Alibaba Group Holding Ltd China Covid-19

Shares of Chinese companies, including Alibaba Group Holding Ltd - ADR (NYSE: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.

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