Alibaba Group Holding Limited (NYSE:BABA) stock is trading lower Monday as China’s second-quarter GDP missed the consensus estimates.
China’s GDP rose 6.3% year-over-year in Q2, trailing the 7.3% growth estimated by economists. The GDP grew by 4.5% in Q1.
Agricultural production rose 3.3% year-over-year in the first half of 2023.
The industrial output growth revved from 3% in the first quarter to 3.8% in the year’s first half.
The service sector growth also improved from 5.4% in the first quarter to 6.4% in the year’s first half.
So far, the stock had a roller coaster year involving its plans to split into six independently run entities and a leadership overhaul.
Finally, the government ended scrutiny on fintech affiliate Ant Group.
Also, founder Jack Ma marked his return to the country, assuming a role in the company’s restructuring.
Price Action: BABA shares traded lower by 0.93% at $93.68 premarket on the last check Monday.
