China Market Update: BABA Blues? Don’t Buy The News [Forbes]
CHINA CONSTR BK UNSP/ADR (CICHY)
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Source: Forbes
Key News Asian equities were higher across the board except for Japan, which was celebrating National Foundation Day, and Thailand, which was down. Hong Kong was the best regional performer as index heavyweights powered the index higher. The reality that the coronavirus epidemic is losing steam is resonating with investors. Overnight, several Chinese agencies were pushing for people to head back to work. MSCI’s pro forma for the month-end rebalance will be released tomorrow. Alibaba’s earnings will be released pre-market Thursday. The big “news” overnight was a Bloomberg article arguing that Alibaba’s Hong Kong listing (9988 HK) would not become eligible for Southbound Connect. The stock plunged -2.54% on the news though quickly rebounded to close off -0.19% as the “news” was nothing new and there were doubts as to its credibility. The article referenced “unidentified sources” who didn’t want to be named. Alibaba was added to the Hang Seng Composite while similar companies Xiaomi and
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