Alibaba Scores 24% Winning Streak as Low Valuation Lures Buyers
- Shares plunged 3.9% after strong rally in previous 4 days
- Stock has no sell ratings among analysts: Bloomberg data
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Alibaba Group Holding Ltd.’s strong share price recovery hit a pause on Tuesday on concerns of rising bond yields, reversing some of the 24% gain in the last four sessions.
The stock slumped 3.9% in Hong Kong, contributing the most to the losses in the Hang Seng Index, which slid 1.4%. There may be a potential tailwind for bond yields to increase further on expectations of more persistent inflationary pressures, which may weigh on tech, according to IG Asia.