Alibaba Stock Is Rising: What's Going On?
Portfolio Pulse from Adam Eckert
Alibaba Group Holding Ltd (NASDAQ:BABA) shares are trading higher after China's central bank cut its seven-day reverse repurchase rate from 2% to 1.9%. The rate cut aims to improve market confidence amid the country's sluggish post-pandemic recovery.
June 13, 2023 | 3:08 pm
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Alibaba's stock price is rising due to China's central bank cutting its seven-day reverse repurchase rate, aiming to improve market confidence.
The rate cut by China's central bank is aimed at improving market confidence, which directly impacts Alibaba's stock price. As a major Chinese company, Alibaba benefits from increased market confidence, leading to a rise in its stock price.
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