Alibaba’s HK Shares Dip Despite Market Recovery
Investing.com - Chinese e-commerce giant Alibaba (NYSE:BABA) Group Holding Ltd (HK:9988)’s shares in Hong Kong continued to dip on Monday after having risen nearly 10% since its high-profile debut last week.
The stock currently trades at HK$196.40 by 11:57 PM ET (03:57 GMT), down 1.01%. Last Thursday, it reached a peak at HK$204.
The e-commerce giant’s stock failed to ride on the recovery of the Hang Seng, which was up 128 points when the market opened this morning thanks to positive Chinese economic data. China’s Caixin/Markit PMI came at 51.8, better than the expected 51.4.
In mid-morning, the stock saw a 40,000 share block trade selloff, causing a drop in its prices. Its momentum has slowed since becoming the most active stock in Hong Kong and accounting for more than a 10th of total market turnover by value last week.
Alibaba’s secondary listing in Hong Kong is the world’s largest offering so far this year. The stock will join the Hang Seng Composite Index from Dec. 9
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