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 story : Alibaba stock surges toward 5th straight gain as part of broad rally in China-based tech stocks #FinanceUSA #StockMarketNEWS Shares of Alibaba Group Holdings Ltd. surged 5.2% in premarket trading

@stockMarketNEWS 6 Days ago

Posted in: #FinanceUSA #StockMarketNEWS

Alibaba stock surges toward 5th straight gain as part of broad rally in China-based tech stocks #FinanceUSA #StockMarketNEWS
Shares of Alibaba Group Holdings Ltd. surged 5.2% in premarket trading Monday, putting them on track for a fifth-straight gain, as part of a broad rally shares of China-based technology companies. Alibaba's stock had soared 15.7% over the past four sessions, after closing on Oct. 4 at the lowest price since January 2019. The broad rally comes after reports that Chinese regulators fined food delivery giant Meituan the equivalent of more than 0 million, as that was a lot less than many had expected and it removes an overhang for the company and other tech stocks. Meituan's Hong Kong-listed shares ran up 8.4% toward a three-month high. Among U.S.-listed shares of other China-based tech giants, JD.com Inc. climbed 1.8%, iQIYI Inc. rose 3.2%, Baidu Inc. rallied 2.6% and Bilibili Inc. advanced 3.1%. Meanwhile, the iShares MSCI China ETF gained 1.4% in Monday's premarket, while futures for the S&P 500 slipped 0.4%.


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