Alibaba Group Holding Ltd - ADR BABA shares are trading lower by 2.13% to $85.01 Friday afternoon. Alibaba shares have experienced weakness in recent sessions after it was announced Eddie Wu will succeed Daniel Zhang as its chief executive officer effective Sept. 10. Joe Tsai will take Zhang's place as the group's chairman.
Also, shares of several Chinese stocks fell this week after China's central bank made cuts to its one-year loan prime rate and five-year rate amid attempts to stimulate the country's economic recovery.
According to Reuters, China has implemented its first reduction in key lending benchmarks in 10 months. The move aims to support a decelerating economic recovery. However, due to concerns regarding the property market, the easing measures were not as extensive as anticipated.
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Per Reuters, the one-year loan prime rate (LPR) was decreased by 10 basis points to 3.55%, while the five-year LPR saw a similar reduction to 4.20%. This monetary loosening occurs as China experiences a slowdown in the initial momentum observed during the first quarter.
According to data from Benzinga Pro, BABA has a 52-week high of $125.84 and a 52-week low of $58.01.
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