What's Going On With Alibaba Shares
Portfolio Pulse from Henry Khederian
Alibaba shares are trading higher by 1.01% after Eddie Wu was announced as the new CEO, succeeding Daniel Zhang. Chinese stocks fell after China's central bank cut its one-year loan prime rate and five-year rate to stimulate economic recovery.
June 21, 2023 | 1:51 pm
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Alibaba shares rose 1.01% after Eddie Wu was announced as the new CEO. Chinese stocks fell after China's central bank cut its one-year loan prime rate and five-year rate to stimulate economic recovery.
Alibaba shares rose after the announcement of Eddie Wu as the new CEO, which could be seen as a positive development for the company. However, the overall Chinese stock market fell due to the central bank's rate cuts, which could offset the positive impact on Alibaba's stock price in the short term.
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