Chinese Alibaba down on second day of trading in NYSE
Business |
Alibaba's way in New York Stock Exchange
Shares of Chinese e-commerce powerhouse Alibaba slipped on its second day of public trading. Alibaba shares dropped 4.26 percent to 89.89 U.S. dollars on Monday after the stocks 38-percent first day pop last Friday.
SoftBank, which holds a 32-percent stake in Alibaba, fell 6 percent on Monday. Yahoo, which holds a 16.3-percent stake in Alibaba, lost 5.6 percent.
But, Alibaba was not alone. Other Chinese stocks traded in the U.S., including Baidu, Dang Dang, JD.com, and Qihoo 360, were all down. Some analysts remain positive, saying that the slide was part of a broader tech and market selloff that clipped the S&P500 by nearly 1%.
Source: CCTV
SoftBank, which holds a 32-percent stake in Alibaba, fell 6 percent on Monday. Yahoo, which holds a 16.3-percent stake in Alibaba, lost 5.6 percent.
But, Alibaba was not alone. Other Chinese stocks traded in the U.S., including Baidu, Dang Dang, JD.com, and Qihoo 360, were all down. Some analysts remain positive, saying that the slide was part of a broader tech and market selloff that clipped the S&P500 by nearly 1%.
Source: CCTV
