Alibaba Stock Jumps 10% On Positive China Online Retail Sales Data

Shares of Alibaba Group Holding Limited (BABA) are gaining over 10% on Tuesday morning after official data revealed better-than-expected October retail sales in China.

BABA is currently trading at $79.06, up $7.73 or 10.84%, on the NYSE.

China's National Bureau of Statistics said online retail sales of physical goods rose 7.2% in the first 10 months of the year, which was above 6.1% rise in the January-to-September period.

Meanwhile, last week, Alibaba, along with JD.com (JD), did not release full sales results for its annual Singles Day event for the first time ever. But the Chinese online retail giant said the sales results were in line with last year. Alibaba's last year 11.11 Global Shopping Festival generated RMB 540.3 billion in gross merchandise volume.

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