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Alibaba stock price to increase by more than 10% by October 31, 2024?
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Beijing•Shanghai Composite Index•Hang Seng Tech Index•Shenzhen Component Index•FTSE China A50 Index•ChiNext Index•Chinese•Alibaba•Baidu•STOXX 600•CSI 300 Index•Asian
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Alibaba's stock price on the New York Stock Exchange (NYSE)
Story
Chinese Stocks Surge 3.6% on Stimulus, Marking Best Week Since 2008
Sep 26, 2024, 10:25 PM
Chinese stocks have experienced a significant rally, marking their best week since 2008. This surge is driven by Beijing's aggressive stimulus measures aimed at reviving the economy. The Shanghai Composite Index rose by 3.6%, contributing to its biggest three-day gain of 9.2% since July 2020. The Hang Seng Tech Index increased by over 5% intraday, while the Shenzhen Component Index climbed over 7%. The FTSE China A50 Index futures surged by more than 3%, and the ChiNext Index saw its largest intraday gain of over 8%. U.S.-listed shares of Chinese firms also saw substantial gains, with Alibaba up 7.9%, JD.com up 14%, and Baidu up 9.5%. European markets responded positively, with the STOXX 600 nearing record highs. The CSI 300 Index futures rose nearly 4%. The overall market optimism reflects strong investor sentiment and widespread recovery across Asian markets.
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