Alibaba Group Holding Ltd BABA shares are trading higher Tuesday amid hopes that protests in China could spark an easing of COVID restrictions.
What To Know: China-based stocks suffered their worst day in more than a month on Monday after protesters in Shanghai and Beijing spoke out against China's strict zero COVID policy following a deadly fire in Urumqi. Protests have spread across the nation in the wake of the fire as protestors claim it was caused by extreme lockdown measures that delayed rescue efforts.
Hopes of faster loosening of China's COVID restrictions are on the rise after an official said Chinese authorities will continue to adjust policies to reduce the impacts of current restrictions, per Reuters.
A separate report indicates that Beijing has started to pare back COVID restrictions. A local official in the capital reportedly said restrictions imposed to identify those infected shouldn't exceed 24 hours. Xinjiang officials also noted that they will lift lockdowns in designated areas as soon as possible.
What Else: Chinese stocks are catching a boost after e-commerce platform Pinduoduo Inc PDD turned in better-than-expected earnings results.
Pinduoduo reported third-quarter revenue of $4.99 billion, which beat average analyst estimates of $4.31 billion, according to Benzinga Pro. The company reported quarterly earnings of $1.21 per share, which beat average estimates of 65 cents per share.
BABA Price Action: Alibaba has a 52-week high of $138.70 and a 52-week low of $58.01.
The stock was up 5.27% at $77.95 at time of publication, according to Benzinga Pro.
Photo: courtesy of Alibaba.
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