SoftBank shares rise 5% on news of trimming Alibaba stake – Reuters

SoftBank's logo is pictured at a news conference in Tokyo, Japan, Feb. 4, 2021. REUTERS/Kim Kyung-Hoon
TOKYO, Aug 12 (Reuters) – Shares in SoftBank Group Corp (9984.T) rose 5% in morning trading in Tokyo on Friday after the Japanese conglomerate said it would book a $34.1 billion gain by trimming its stake in Alibaba Group Holding (9988.HK), .
SoftBank Chief Executive Masayoshi Son is moving to shore up his group's cash reserves and accelerating asset sales after the Vision Fund investment arm booked a $50 billion loss in the six months to June-end as the value of his tech portfolio collapsed.
Alibaba's U.S.-listed shares rose 2.6% on Thursday, when the Tokyo market was closed for a national holiday.
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Global equity funds saw inflows in the week to Aug. 10 after six straight weeks of withdrawals, as investors took the view that the Federal Reserve might not be too aggressive with its interest rate hikes amid receding inflation worries.
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