Hong Kong stocks opened in the green on Thursday, with the benchmark Hang Seng gaining 2.8% in morning trade. The rally was led by tech stocks, with Alibaba (NYSE:BABA) and JD.com gaining over 8% and 9%, respectively. Shares of Meituan and Tencent Holdings (HK:0700) gained over 4%.
| Alibaba Group Holding Ltd. (NYSE: BABA) | 8.11% |
| JD.com Inc (NASDAQ: JD) | 9.5% |
| Baidu Inc (NASDAQ: NASDAQ:BIDU) | 3.04% |
| Tencent Holdings Ltd. (OTC: TCEHY) | 4.16% |
| Meituan (OTC: MPNGF) | 5.47% |
| Nio Inc (NYSE: NIO) | 0.6% |
| XPeng Inc (NYSE: XPEV) | 0.95% |
| Li Auto Inc (NASDAQ: LI) | 0.72% |
Profits at China's industrial firms declined at a faster pace in the January-September period dragged by COVID-19 curbs and a worsening property crisis, reported Reuters. Profits declined 2.3% in the first nine months of 2022 compared with a year earlier, the report said.
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Company News: Foxconn Technology Co Ltd (OTC: FXCOF) has confirmed the world’s largest iPhone factory in Zhengzhou is handling a small COVID-19 outbreak but said production is “relatively stable,” according to the South China Morning Post.
Entry-level Tesla Inc’s (NASDAQ: TSLA (NASDAQ:TSLA)) Model Y does not offer free silver paint in China any longer, reported CnEVPost.
Top Gainers and Losers: JD.com and Alibaba are the top gainers among Hang Seng constituents. CSPC Pharmaceutical Group Limited and CITIC Limited were the only two losers, having shed over 2% and 0.25% respectively.
Global News: U.S. futures traded in the green on Thursday morning Asia session. Dow Jones futures were up 0.36%, while the Nasdaq futures gained 0.21%. The S&P 500 futures were trading higher by 0.27%.
Elsewhere in Asia-Pacific, Australia’s ASX 200 was up 0.48%. Japan’s Nikkei 225 lost 0.21% while China’s Shanghai Composite index rose 0.39%. South Korea’s Kospi gained 1.35%.
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