- NYSE:BABA added 1.77% on Monday as Chinese stocks had a mixed session overall.
- AliBaba reportedly fired 10 of its employees after details of its scandal were leaked.
- Chinese gaming stocks like Tencent fall after new regulations are set.
NYSE:BABA started the week off on the right foot after snapping its three-day losing streak from last week. Shares on BABA gained 1.77% on Monday, and closed the trading session at $162.29. The move higher came on a strong day for tech as both the NASDAQ and S&P 500 soared to new all-time highs once again. It was not as rosy a day for Chinese ADR stocks, as Nio (NYSE:NIO), Didi (NYSE:DIDI), and Li Auto (NASDAQ:LI) traded lower. On the positive side, JD.com (NASDAQ:JD), PinDuoDuo (NASDAQ:PDD), and XPeng (NYSE:XPEV) all were riding higher to start the week.
Stay up to speed with hot stocks' news!
A report surfaced on Monday that AliBaba has officially fired ten of its employees for leaking sensitive details about the sexual assault scandal that rocked the company earlier this month. Investigation into the alleged high ranking manager is still going, and the first arrest in the incident was made last week. The case opened up a nation wide protest of how women are treated in work environments, and was a black eye for AliBaba in the national media.
BABA stock price target
One of AliBaba’s main domestic rivals Tencent (TCEHY) received a blow over the weekend as the Chinese government issued new regulations on online gaming for children. The new ban will limit children from playing online games for more than three hours per week. The gaming industry is of course one of Tencent’s main segments, and further regulations by the CCP, which labelled online gaming as similar to an ‘opiate addiction’, could cause the stock to fall even further.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD holds above 1.0400 in quiet trading
EUR/USD trades in positive territory above 1.0400 in the American session on Friday. The absence of fundamental drivers and thin trading conditions on the holiday-shortened week make it difficult for the pair to gather directional momentum.
GBP/USD recovers above 1.2550 following earlier decline
GBP/USD regains its traction and trades above 1.2550 after declining toward 1.2500 earlier in the day. Nevertheless, the cautious market mood limits the pair's upside as trading volumes remain low following the Christmas break.
Gold declines below $2,620, erases weekly gains
Gold edges lower in the second half of the day and trades below $2,620, looking to end the week marginally lower. Although the cautious market mood helps XAU/USD hold its ground, growing expectations for a less-dovish Fed policy outlook caps the pair's upside.
Bitcoin misses Santa rally even as on-chain metrics show signs of price recovery
Bitcoin (BTC) price hovers around $97,000 on Friday, erasing most of the gains from earlier this week, as the largest cryptocurrency missed the so-called Santa Claus rally, the increase in prices prior to and immediately following Christmas Day.
2025 outlook: What is next for developed economies and currencies?
As the door closes in 2024, and while the year feels like it has passed in the blink of an eye, a lot has happened. If I had to summarise it all in four words, it would be: ‘a year of surprises’.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.