Hong Kong shares opened lower on Friday, with the benchmark Hang Seng down over 1% in opening trade as market focus shifted to the surge in COVID-19 cases China, which reported a record number of infections on Thursday.
| share | movement |
|---|---|
| Alibaba group holding company GmbH. BABA | -2.36% |
| JD.com inc JD | -2.2% |
| Baidu Inc BIDU | -2.15% |
| Tencent Holdings GmbH. TCEHY | -2.71% |
| meituan MPNGF | -2.95% |
| Nio Inc NEVER | -2.06% |
| XPeng Inc XPEV | -0.89% |
| Li car inc LI | -1.21% |
Shares of Meituan lost nearly 3%, while shares of Alibaba and Nio fell over 2% in morning trade.
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Macro News: China on Thursday reported a record number of COVID-19 infections, with lockdowns, mass testing and other restrictions.
“With new coronavirus variants emerging roughly every six months, China’s economy has been cyclically affected since 2021. Given the current situation, we forecast full-year GDP growth of 3.0%,” ANZ Research said in a statement.
China has hinted that more monetary stimulus is on the horizon, including a possible cut in the bank reserve ratio, as it looks to boost its economy. reported Bloomberg.
Company news: China Evergrande Group EGRNF is in talks with a Chinese municipality in Wuhan City that has reclaimed 134,500 hectares of land previously held by an entity of the group, reported Reuters.
NIO has started shipping its products ET7 model in Denmark after the flagship sedan was delivered to consumers in Sweden last week, reported CnEVPost.
Top winners and losers: Longfor Group Holdings Limited and China Resources Land Limited are among the top gainers among Hang Seng constituents, each up over 2%. WuXi Biologics (Cayman) Inc. and Henderson Land Development Company Limited are among the top losers with over 1% each.
Global News: US futures were trading in the green in Asia on Friday morning. DowJones…
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