Alibaba’s HK Shares Dip Despite Market Recovery

Investing.com – Chinese e-commerce giant Alibaba (NYSE:) Group Holding Ltd (HK:)’s shares in Hong Kong continued to dip on Monday after rising nearly 10% since its high-profile debut last week.

The stock currently trades at HK$196.40 by 11:57 PM ET (03:57 GMT), down 1.01%. Last Thursday, it reached a peak at HK$204.

The e-commerce giant’s stock failed to ride on the recovery of the , which was up 128 points when the market opened this morning thanks to the positive Chinese economic data. China’s came at 51.8, better than the expected 51.4.

In mid-morning, the stock saw a block trade that involves selling 40,000 shares, causing a drop in its prices. Its momentum was fading after it became the most active stock in Hong Kong and accounted for more than a 10th of total market turnover by value last week.

Alibaba’s secondary listing in Hong Kong became the world’s largest offering so far this year. The stock will join the Composite Index from Dec. 9

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