Hong Kong’s benchmark Hang Seng Index opened lower on Monday after a weaker finish on Wall Street on Friday, which was dominated by a plunge in social media stocks. The Hang Seng fell 0.6% in opening trade ahead of the crucial US federal reserve Session later this week which could potentially see a 75bps rate hike.
| share | movement |
|---|---|
| NEVER | -7.48% |
| Li car | -4.59% |
| XPeng | -4.26% |
| Alibaba | -2.06% |
| baidu | -1.43% |
| Tencent Holdings | -1.2% |
| JD.com | -0.4% |
Electric vehicles crash: Nio Inc NEVER led the losers, with the stock down more than 7% in the opening trade. Tesla Inc TSLA rival XPeng Inc XPEV fell more than 4% while Li car inc LI was down almost 4.6% at the time of writing.
Technology loses shine: shares of Alibaba group holding company GmbH. BABA lost more than 2% in the opening trade and baidu inc BIDU fell 1.43% on Monday morning. Tencent Holdings GmbH. TCEHY Shares fell 1.2% while the shopping platform meituan MPNGF 0.52% lost.
Ecommerce Player JD.com Inc JD 1.3% lost.
Company news: Nio is to come to Germany, Holland, Denmark and Sweden with his flagship ET7 Limousine along with its battery swapping stations and domestic rentals, reports EV Quoting the Deutsche Bank analyst Edison Yu.
China plans to group US-listed Chinese firms based on data sensitivity to prevent US regulators from delisting them, the reported financial times. About 260 Chinese companies, including Alibaba, Yum China Holdings Inc YUMC and Weibo corp WB could be delisted from the New York Stock Exchanges if they fail to meet the requirements.
macro news: Hong Kong banks are set to see their first rate hike in four years with the Fed’s rate hike coming this Thursday to stave off 40 years of high inflation South China tomorrow post reported citing analysts.
China has made that clear Xi Jinping a local Covid vaccination was given in a…
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