Honk Kong stocks were trading lower early on Thursday, with most U.S.-listed Chinese tech and electric vehicle shares slipping into the red, despite positive cues from global markets.
Tech Retreat: Alibaba (NYSE:BABA) Group Holding Ltd (NYSE: BABA) fell after three straight sessions of gains. The stock recently picked up momentum amid upbeat analyst views about the company's June-quarter earnings and on hopes of easing regulatory crackdowns in China.
JD.com Inc. (NASDAQ: JD) fell again on Thursday, while technology and entertainment conglomerate Tencent Holdings Ltd (HK:0700) (OTC: TCEHY) ticked up.
| Alibaba | -0.60% |
| Tencent | +0.46% |
| Baidu (NASDAQ:BIDU) | -2.60% |
| JD.Com | -0.96% |
EV Charge Low: Electric vehicle stocks fell, with Nio, Inc. (NYSE: NIO) leading losses with a 4% drop, a day after its Nio Power Day 2022, where it announced a 500-kilowatt ultra-fast charging pile and offered a glimpse into its third-generation battery swap station.
XPeng, Inc. (NYSE: XPEV) and Li Auto, Inc. (NASDAQ: LI) lost over 1%, while Warren Buffett-backed BYD Co Ltd (OTC: BYDDY) bucked the downtrend.
| Nio | -4.16% |
| Xpeng (NYSE:XPEV) | -1.20% |
| Li Auto | -1.35% |
China's central bank is contemplating mopping up liquidity from the system, towing in line with other global central banks, according to reports.
Overseas Cues: The U.S. market closed modestly higher overnight, drawing encouragement from the FOMC minutes that the Federal Reserve is committed to containing inflation.
The rest of Asia was a sea of green on Thursday, led by the Japanese, Taiwanese and South Korean markets.
European stocks rebounded on Wednesday, as bargain hunters lapped up beaten-down stocks, rest assured that the Fed will act to rein in inflation.
Crude oil futures have resumed the uptrend after two days of losses.
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