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Benzinga
Benzinga
Business
Henry Khederian

Why Alibaba Shares Are Sinking Thursday

Alibaba Alibaba Group Holding Ltd NYSE China Covid-19

Shares of several Chinese stocks, including Alibaba Group Holding Ltd - ADR (NYSE:BABA), are trading lower as traders continue to digest the economic consequences of China’s zero Covid policy.

The COVID-19 lockdown in Shanghai and other parts of China has continued to weigh on the broader Chinese economy and Chinese stocks in April. The IMF also recently downgraded China’s growth forecast to 4.4% from 4.8%, citing pain from its coronavirus restrictions.

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