Alibaba (BABA) Stock Rises on Strong Singles' Day Outlook

NEW YORK (TheStreet) -- Shares of Alibaba  (BABA) closed up 2.68% to $114.56 on Friday to mark the Chinese e-commerce giant's largest weekly gain since its U.S. market debut, according to Bloomberg.

Alibaba's shares have risen more than 16% in the past five trading days, the largest weekly rally after the company's record $25 billion IPO in September.

Part of the surge stems from Alibaba's expectation for its sales during this year's Nov. 11 Singles' Day shopping event to climb 40% from one year ago to almost 50 billion yuan, or $8.2 billion, thanks to more mobile transactions, according to Bloomberg.

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The stock touched an all-time high of $114.77 on Friday. More than 51.1 million shares changed hands, compared to the average volume of 32,531,100.

BABA Chart BABA data by YCharts

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