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Alibaba Shares Plunge as Much as 8% for 2nd Straight Session

Shares of Chinese tech giant Alibaba in Hong Kong were in the spotlight once again on Monday, after Chinese regulators ordered Alibaba-affiliate Ant Group to rectify its businesses. In afternoon trading, shares of Alibaba listed in Hong Kong plunged 7.71%, adding to losses for the firm. The stock had also dived last Thursday following reports that Chinese regulators will probe the tech behemoth for suspected monopolistic behavior.

Alibaba Shares Plunge as Much as 8% for 2nd Straight Session

Shares of other Hong Kong-listed Chinese tech firms also declined: Tencent fell 4.77% while Meituan slipped 5.52%. China’s largest chipmaker SMIC also saw its stock in Hong Kong drop 4.41%. The broader Hang Seng Tech index shed 3.93%.

Stocks in Asia were mixed on Monday as the final trading week of 2020 kicked off. In Japan, the Nikkei 225 gained 0.74% to close at 26,854.03 while the Topix index advanced 0.54% to finish its trading day at 1,788.04. South Korea’s Kospi closed fractionally higher at 2,808.60. Mainland Chinese stocks were mixed: the Shanghai composite dipped slightly while the Shenzhen component gained 0.137%. Hong Kong’s Hang Seng index declined 0.19%.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.21%. Profits at Chinese industrial firms in November rose 15.5% as compared with a year earlier, according to data released by the country’s National Bureau of Statistics over the weekend. Markets in Australia and New Zealand are closed on Monday for a holiday. In coronavirus developments, U.S. President Donald Trump signed a Covid relief and government funding bill days after he suggested he would block it.

Source: FXPro


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