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Hong Kong stocks opened in the red on Friday, with shares of Alibaba and XPeng falling over 1% each as investors continued to gauge the U.S. Federal Reserve’s rate projections for tackling inflation. The Hang Seng Index fell 0.34% at the open and continues to trade near its 2011 lows.
Li Auto shares rose over 3% in the morning session after the company announced an early launch of its six-seater SUV Li L8.
| Stock | Movement |
|---|---|
| Alibaba Group Holding Ltd. BABA | -1.24% |
| JD.com Inc JD | -0.38% |
| Baidu Inc BIDU | -0.51% |
| Tencent Holdings Ltd. TCEHY | -0.85% |
| Meituan MPNGF | -0.61% |
| Nio Inc NIO | -0.89% |
| XPeng Inc XPEV | -1.76% |
| Li Auto Inc LI | 3.47% |
Alibaba shares are hovering close to a key support level of HKD 79.6. If it significantly falls below this level, the stock may likely move towards the next support level of HKD 71.15.
Macro News: Gold in China is trading at a significant premium to international prices as a revival in demand overshadowed the country’s imports, with the benchmark prices in Shanghai climbing to a premium of over $43 an ounce over their London equivalent, reported Bloomberg.
Beijing has dispatched a team of regulatory officials to Hong Kong to aid the U.S. audit watchdog with onsite audit inspections that involve Chinese companies, as part of a landmark deal between the two countries, reported Reuters, citing sources.
Company News: Chinese battery-maker CALB Co. is looking to raise as much as HK$13.6 billion ($1.7 billion) in its Hong Kong initial public offering, Bloomberg reported.
Alibaba Cloud shared plans to double down on its overseas presence, including a $1 billion investment in a “global partner ecosystem upgrade.”
Top Gainers and Losers: Alibaba and Lenovo Group Ltd are the top losers among top Hang Seng constituents, having lost over 1% each. China Petroleum & Chemical Corporation and Li Ning Company Ltd were the top gainers, having gained over 0.9% each.
Global News: U.S. futures were in the green on Friday morning Asia session. The Dow Jones futures rose 0.15%, while Nasdaq futures gained 0.06%. The S&P 500 futures were up 0.14%.
Elsewhere in Asia, Australia’s ASX 200 was down 1.65% after remaining closed on Thursday. Japan’s Nikkei 225 was down 0.58%, while China’s Shanghai Composite index gained 0.31%. South Korea’s Kospi was down 1.08%.
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Image and article originally from www.benzinga.com. Read the original article here.