Benzinga - Alibaba (NYSE:BABA) Group Holding Ltd (NYSE: BABA) shares are trading higher Tuesday amid optimism the recent wave of COVID-19 infections has peaked in some major Chinese cities.
What Happened: According to a CNN report citing a new study published in peer-reviewed journal Frontiers of Medicine, the recent spike in Covid cases may have peaked in some of China's largest cities including Beijing and Shanghai.
The study predicted that the latest wave of infections would make its way through China's largest cities by the end of 2022. Rural areas aren't expected to peak until later this month.
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China has imposed some of the strictest COVID-19 policies since the pandemic broke out in early 2020. However, at the beginning of December, China lifted some of its COVID-19 restrictions following a series of nationwide protests over the extreme lockdown measures.
Alibaba shares traded higher last week after President Xi Jinping and other senior officials pledged to focus on boosting the Chinese economy in 2023. Officials are reportedly targeting 5% GDP growth or more this year.
BABA Price Action: Alibaba has a 52-week high of $138.70 and a 52-week low of $58.01.
The stock was up 3.92% at $91.55 at time of publication, according to Benzinga Pro.
Photo: courtesy of Alibaba.
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