Hong Kong shares traded in the green on Friday, with the benchmark Hang Seng opening 3.36% higher. Investors and traders appear to have shrugged off a surge COVID-19 cases in China which reached their highest level since August.
| share | movement |
|---|---|
| Alibaba group holding company GmbH. BABA | 6.27% |
| JD.com inc JD | 8.92% |
| Baidu Inc BIDU | 4.28% |
| Tencent Holdings GmbH. TCEHY | 4.52% |
| meituan MPNGF | 5.37% |
| Nio Inc NEVER | 12.06% |
| XPeng Inc XPEV | 12.09% |
| Li car inc LI | 7.86% |
EV maker shares rose on Friday, with Xpeng and Nio up over 12% in morning trade. Alibaba’s shares are up over 6%.
Macro News: China’s COVID-19 cases hit their highest level in two and a half months on Thursday, dampening hopes of curb easing. reported Reuters.
China will keep the yuan stable and increase the flexibility of its exchange rate, he said Yi Ganggovernor of People’s Bank of China (PBOC) adds that it is important to deepen financial reform and strengthen and improve modern financial supervision, reported Reuters.
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corporate news: Lenovo group LNVGY reported its first revenue decline in 10 quarters, with total revenue for the July-September quarter reaching $17.09 billion, down 4% year-over-year, reported Reuters.
Nio fell behind on thousands of cars with COVID-zero disruptions, resulting in a loss of around 7,000 EVs in production. reported Bloomberg. The enterprise said Benzinga on Thursday It had resumed production after initially being hit due to COVID-19 curbs
Top winners and losers: CSPC Pharmaceutical Group Limited and JD.com are among the top gainers among Hang Seng constituents, up over 7% and 6%, respectively. Lenovo group Limited and CK Infrastructure Holdings Limited are among the top losers, down 1.85% and 0.4% respectively.
Global News: US futures traded mixed in Asia on Friday morning. Dow Jones futures fell 0.07% as…
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