What's Going On With Alibaba Stock Thursday? - Alibaba Gr Hldgs (NYSE:BABA)

Alibaba Group Holding Limited (NYSE:BABA) stock is trading lower Thursday in line with the broader indexes IShares China Large-Cap ETF (NYSE:FXI) and KraneShares Trust KraneShares CSI China Internet ETF (NYSE:KWEB) as China's exports and imports extended declines in August.

Exports dropped 8.8% in August year-on-year, beating a forecast of 9.2% and a 14.5% drop in July. Meanwhile, imports contracted 7.3%, slower than an expected 9.0% decline and last month's 12.4% fall.

Meanwhile, Alibaba map app Amap expanded its coverage to overseas territories, leveraging China's domestic Beidou satellite navigation system or China's answer to the U.S. GPS satellite system, SCMP reports.

The digital map, also known as Gaode Map, supports route planning and navigation in more than 200 countries and regions. The move comes after China launched its 56th Beidou satellite in May.

Amap users can use the app to search and view nearby attractions and services, like restaurants and hotels, in countries that are part of China's Belt and Road initiative to connect more than 70 countries across Asia, Europe, and Africa.

Amap saw a record of over 220 million daily active users during the week-long National Day holiday last October.

Price Action: BABA shares traded lower by 3.28% at $91.35 premarket on the last check Thursday.

BABAAlibaba Group Holding Ltd

$94.980.18%

Overview

FXIiShares China Large-Cap ETF

$31.650.19%

KWEBKraneShares CSI China Internet ETF

$24.090.63%

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