Alibaba stock reaches 5th consecutive gain in large rally in China-based tech stocks

Shares of Alibaba Group Holdings Ltd. BABA,
+ 3.54%
surged 5.2% in pre-market trading on Monday, putting them on track for a fifth straight gain, amid a large rally in shares of China-based tech companies. Alibaba stock had climbed 15.7% in the past four sessions, having closed on Oct. 4 at the lowest price since January 2019. The large rally comes after reports that Chinese regulators have inflicted a fine to food delivery giant Meituan MPNGY,
+1.56%
3690,
+ 8.36%
the equivalent of over $ 500 million because it was much less than many expected and it removes an overhang for the company and other tech stocks. Hong Kong-listed shares of Meituan climbed 8.4% to a three-month high. Among the US-listed stocks of other China-based tech giants, JD.com Inc. JD,
+ 3.03%
climbed 1.8%, iQIYI Inc. IQ,
+ 7.59%
increased 3.2%, Baidu Inc. BIDU,
+ 3.54%
grew by 2.6% and Bilibili Inc. BILI,
+ 0.80%
advanced 3.1%. Meanwhile, the iShares MSCI China ETF MCHI,
+ 0.77%
gained 1.4% in Monday’s pre-market, while ES00 futures,
-0.17%
for the S&P 500 SPX,
-0.19%
slipped 0.4%.