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Japan's SoftBank shares down over 2 percent after Alibaba listing


    TOKYO (Reuters) - Shares of SoftBank Corp were down more than 2 percent in early trade on Monday following the listing on Friday of Alibaba Group Holding Ltd , in which the Japanese telecommunications company holds a 32 percent stake.

    Over the past six weeks, SoftBank had surged 30 percent in anticipation of the Chinese e-commerce company's listing, compared with a 9 percent rise in Tokyo's benchmark Nikkei average .

    As of 0013 GMT (0813 EDT) on Monday, the stock was down 2.7 percent at 8,506 yen.

    SoftBank said over the weekend that it expected a gain of about 500 billion yen ($4.6 billion) from Alibaba's share listing in New York, where Alibaba surged 38 percent on its first day of trade.

    (Reporting by Chris Gallagher; Editing by Edmund Klamann)