Hong Kong stocks opened in the green on Friday, taking cues from Wall Street where major indices gained following clarity on the U.S. Federal Reserve’s policy path. China’s slower-than-expected consumer price inflation rise also lifted sentiments.
The benchmark Hang Seng Index rose over 2% in the morning session. Shares of Alibaba (NYSE:BABA), Nio and XPeng shot up over 2%.
| Alibaba Group Holding Ltd. (NYSE: BABA) | 2.52% |
| JD.com Inc (NASDAQ: JD) | 2.89% |
| Baidu Inc (NASDAQ: NASDAQ:BIDU) | 2.87% |
| Tencent Holdings Ltd. (HK:0700) (OTC: TCEHY) | 1.39% |
| Meituan (OTC: MPNGF) | 4.61% |
| Nio Inc (NYSE: NIO) | 5.07% |
| XPeng Inc (NYSE: XPEV) | 3.45% |
| Li Auto Inc (NASDAQ: LI) | 1.77% |
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Macro News: The Chinese city of Chengdu extended a lockdown for a majority of its over 21 million residents on Thursday to stem a COVID-19 outbreak, while millions of people from other parts of the country were told to avoid travel in upcoming Holidays, reported Reuters.
China's consumer prices increased at a slower-than-expected pace in August in the wake of heatwaves and COVID-19 flare-ups, while producer inflation eased to the lowest since February 2021, reported Reuters, citing official data. CPI rose 2.5% year on year, compared with a 2.7% growth in July.
Company News: Lenders of Chinese developer Evergrande Group (OTC: EGRNF) have appointed a receiver this week to seize its Hong Kong headquarters, reported Reuters, citing sources. This comes at a time when the world's most indebted developer struggles to emerge from its debt crisis.
Top Gainers and Losers: Country Garden Services Holdings Company Ltd and China Resources Land Ltd were the top gainers on the Hang Seng, rising over 8% and 4%, respectively, in opening trade. CLP Holdings Ltd and CK Infrastructure Holdings Ltd were the only two losers among the top 30 constituents.
Global News: U.S. futures traded in the green on Friday morning Asia session. The Dow Jones futures were up 0.21% while the Nasdaq futures gained 0.46%. The S&P 500 futures rose 0.28%.
Elsewhere in Asia, Australia’s ASX 200 rose 0.44%. Japan’s Nikkei 225 was up 0.49%, while China’s Shanghai Composite index rose 0.26%. South Korea’s Kospi was up 0.33%.
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