Shares of Alibaba ( BABA 1.06% ) were up as much as 5.5% today, before settling into a 0.8% gain as of 1:56 p.m. ET. Still, that figure looked terrific next to the general U.S. markets, which were down 2% as of this writing.
However, for those hoping it was something fundamental about Alibaba’s business driving the stock, you may be disappointed.
Yesterday, China’s Securities Regulatory Commission held a meeting with members of large banks, insurance companies, and the country’s social security fund, and encouraged these large in-country investors to buy stocks. This comes as the Chinese indexes are down some $2.7 trillion in value, and are actually all the way back to levels not seen since June of 2020. It looks as though many investors heeded those orders today.
China’s government hasn’t done itself any favors, of course. Regulators have launched an all-out assault on the country’s tech giants ever since late…