Alibaba stock was trading at $62.98 as of 03:15 PM EDT
Many of China’s biggest tech stocks, such as Alibaba (NYSE:BABA), JD.com (NASDAQ:JD), and others, rose the day after they had been hammered on worries about President Xi Jinping’s third term in office after the People’s Bank of China announced it would research new policies to support the faltering economy.
The People’s Bank of China said that it will protect the growth of its domestic housing, bond, and stock markets. It will also think about new policy steps to help sectors that were hurt by COVID-19. However, it made no formal pledges. As the country’s Zero-COVID policy continues to slow economic growth and limit travel, China is now dealing with lockdowns in a number of its cities.
The People’s Bank of China also said on Tuesday that consumer prices were basically “stable” and that it would try to keep a steady rise in the money supply and credit, reform the foreign exchange market, and keep the value of the yuan stable.
Alibaba Stock and Other Chinese Movers
Alibaba (NYSE:BABA) increased by more than 2% to $64.59 in premarket trade, while JD.com (JD) increased by almost 3% to $37.70. On Tuesday morning, the stock prices of Baidu (NASDAQ:BIDU), Bilibili (NASDAQ:BILI), Pinduoduo (NASDAQ:PDD), Weibo (NASDAQ:WB), and NetEase (NASDAQ:NTES) were all solidly up. Additionally, rising more than 2% in premarket trade was the KraneShares CSI China Internet ETF (KWEB).
Monday was a bad day for Chinese tech stocks because investors were worried that President Xi Jinping’s tight grip on power could lead to more restrictions on the sector. This month, Chinese tech stocks like Alibaba (NYSE:BABA) and JD.com (NASDAQ:JD) fell because of new U.S. laws about exporting semiconductor technology to China.
Alibaba: Not The Delisting But The Bubble
Featured Image- Megapixl @ Minipig5188
Author Jowi Kwasu 
