Hong Kong shares opened in the green on Monday, with benchmark Hang Seng up over 3% in morning trade after China eased somewhat its strict COVID-19 rules. The country shortened the quarantine by two days for those who come into close contact with infected people and those entering the country, and also lifted a penalty for airlines for bringing in many cases.
| share | movement |
|---|---|
| Alibaba group holding company GmbH. BABA | 1.77% |
| JD.com inc JD | 6.29% |
| Baidu Inc BIDU | 6.03% |
| Tencent Holdings GmbH. TCEHY | 2.55% |
| meituan MPNGF | 1% |
| Nio Inc NEVER | 8.8% |
| XPeng Inc XPEV | 13.3% |
| Li car inc LI | 2.65% |
Xpeng shares are up over 13%, while Nio shares are up over 8% in morning trade. Alibaba shares are up over 1%.
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Macro News: Chinese Prime Minister Li Keqiang said the country’s economy had grown 3% over the past three quarters and was stabilizing on an “uptrend”, while pledging to continue supporting the economy with policy measures, reported Reuters.
China reported 14,878 new COVID-19 infections as of Nov. 12, including a record number of new daily cases in Beijing and manufacturing hubs Guangzhou and Zhengzhou. reported Reuters.
Company news: Alibaba has decided not to disclose full sales results singles day Shopping festival down for the first time in the 14-year history of the event, according to forecasts, reported Bloomberg.
apple inc AAPL Offerer Foxconn Technology Co Ltd FXCOF looks forward to quadrupling its workforce at its Indian iPhone factory in two years, reported Reuters citing sources.
Top winners and losers: Country Garden Services Holdings Company Limited and Longfor Group Holdings Limited are among the top gainers among Hang Seng constituents, up over 23% and 20%, respectively. Meituan was the only loser, dropping 0.44%.
Global News: US futures traded lower on Monday…
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