Caixin
Aug 04, 2022 05:53 PM
BUSINESS

Alibaba Jumps as Much as 6.5% Amid Tech Rally Ahead of Earnings

Alibaba bags get distributed at the 2012 International Consumer Electronics Show in Las Vegas. Photo: Bloomberg
Alibaba bags get distributed at the 2012 International Consumer Electronics Show in Las Vegas. Photo: Bloomberg

(Bloomberg) — Alibaba Group Holding Ltd. led Chinese tech stocks higher on Thursday as investors repositioned ahead of its quarterly results, though caution remained about a number of potential roadblocks ahead.

Shares of the e-commerce giant gained as much as 6.5% in Hong Kong, among the best performers on the Hang Seng Tech Index, which advanced as much as 3.4%. The stock is on track for a second day of gains after a visit to Taiwan by U.S. House Speaker Nancy Pelosi sent broader markets tumbling this week. 

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