Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Alibaba, Nio Fall: Hang Seng Opens Lower Ahead Of Hong Kong Leader John Lee's Policy Speech

Published 19/10/2022, 03:23
© Reuters.  Alibaba, Nio Fall: Hang Seng Opens Lower Ahead Of Hong Kong Leader John Lee's Policy Speech
HK50
-
IXIC
-
GIG
-
BABA
-
N1WS34
-

Hong Kong stocks opened in the red on Wednesday, with the benchmark Hang Seng opening 0.42% lower ahead of a key speech by the city’s leader John Lee.

Hong Kong Stocks Today Stock Movement
Alibaba (NYSE:BABA) Group Holding Ltd. (NYSE: BABA) -1.78%
JD.com Inc (NASDAQ: JD) -2.41%
Baidu Inc (NASDAQ: NASDAQ:BIDU) -0.98%
Tencent Holdings Ltd. (HK:0700) (OTC: TCEHY) -1.49%
Meituan (OTC: MPNGF) -2.47%
Nio Inc (NYSE: NIO) -4.44%
XPeng Inc (NYSE: XPEV) -5.26%
Li Auto Inc (NASDAQ: LI) -1.34%
Wednesday’s market opening in Hong Kong defied Wall Street’s upbeat trading session on Tuesday where major indices closed in the green. Shares of Alibaba were trading 1.78% lower, while Xpeng (NYSE:XPEV) and Nio shares fell over 4% each in Hong Kong.

Also Read: Brokers For Short Selling

Macro News: Hong Kong leader Lee is set to deliver his inaugural policy address on Wednesday that is expected to focus on reviving the city's credentials as an international business hub, reported Reuters.

China’s ideology tsar Wang Huning, one of the architects of Xi Jinping’s "Chinese dream" concept, is tipped to head the National People’s Congress, reported the South China Morning Post.

Company News: China’s largest electric-vehicle battery maker Contemporary Amperex Technology Limited said it will supply batteries for one of the biggest solar energy storage facilities in the US, reported the South China Morning Post.

Warren Buffett-backed BYD Co. (OTC: BYDDF) (OTC: BYDDY) has announced it is launching the Atto 3 in Mongolia with local dealer partner MSM Group, reported CnEVPost.

Top Gainers and Losers: Li Ning Company Limited and WuXi Biologics (Cayman) Inc. are the top losers among Hang Seng constituents, having shed over 3% and 2%, respectively. Henderson Land Development Company Limited and Longfor Group Holdings Limited are the top gainers, having risen over 1.5% each.

Global News: U.S. futures traded in the green on Wednesday morning Asia session. The Dow Jones futures were up 0.73% while the Nasdaq futures gained 1.49%. The S&P 500 futures were up 1.02%.

Elsewhere in Asia, Australia’s ASX 200 was up 0.63%. Japan’s Nikkei 225 gained 0.73% while China’s Shanghai Composite index was down 0.11%. South Korea’s Kospi rose 0.66%.

Read Next: Alibaba, Tencent, Nio In For Respite? Xi Jinping Strikes Optimistic Note For Tech Progress In China

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.