Alibaba Group Holding Ltd – ADR (NYSE:BABA) shares are trading higher by 6% for the week, though marginally lower going into the close of Friday’s session. The stock is pulling back following Thursday strength. Shares of Chinese stocks gained Thursday after China’s central bank cut the borrowing cost of its medium-term policy loans.
Per a report by Reuters, China’s central bank, in line with expectations, reduced the borrowing cost of its medium-term policy loans after a 10-month hiatus, as part of Beijing’s intensified stimulus efforts to stabilize the uncertain economic recovery.
Reuters says this action follows the recent decrease in two important short-term policy rates, indicating growing concerns among authorities regarding the fragility of the economy despite the relaxation of strict COVID measures.
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According to data from Benzinga Pro, Alibaba has a 52-week high of $125.84 and a 52-week low of $58.01.
