Alibaba (NYSE:BABA), Bitcoin – United States Dollar (CRYPTO:$BTC) – Why Alibaba Is Rising Today Even As Tech Peers Extend Losses In Hong Kong

Shares of U.S.-listed Chinese tech companies — with the exception of Alibaba Group Holding Limited (NYSE: BABA) — extended losses in Hong Kong on Friday, dragging the benchmark Hang Seng Index into negative territory for a second straight day.

Why Is It Moving? The Hang Seng Index was down 0.9% at the time of writing, as investors turned risk averse after by the U.S. Federal Reserve indicated on Wednesday that it could start raising interest rates as soon as March.

Investors also looked ahead to the release of Hong Kong’s gross domestic product (GDP) report for the fourth quarter later today. The financial hub is continuing to struggle with a fifth wave of coronavirus infections.

Alibaba’s shares have rebounded on Friday, after falling sharply in the previous session in reaction to some analysts cutting their price targets on the company’s stock ahead of its quarterly earnings results.

See Also: How

Read more