Hang Seng Index Today: Alibaba, Nio Stocks Mixed Trading
Shares of major Chinese companies listed in the United States traded in Hong Kong on Wednesday, with tech giants like Alibaba Holdings Group BABA, Tencent Holdings TCEHYand JD.com Inc. J.D. slippery, while Baidu Inc. BIDU thumb higher.
Li Auto Inc LI led the rally in the electric vehicle segment while Nio Inc. NIO and Xpeng Inc. XPEV earned at least 3%.
Shares of these Chinese companies mostly ended higher in U.S. markets overnight Tuesday.
Summary of global markets: At the time of going to press, the reference Hang Seng Index lost 1.17%, after three consecutive sessions of gains.
In the United States, the Dow Jones jumped more than 600 points as stocks rebounded on the first day of trading since last week’s selloff.
Elsewhere, Japan Nikki 225 was trading muted, while Shanghai SSE composite index lost 0.29%, and Singapore Clever SGX was down 1.27%.
Macro-factors: A Chinese Foreign Ministry spokesperson said the country’s economy rebounded in May, citing a report that said multinational companies had made “steady progress” in investing in China, the company said. CGTN State.
Oil futures fell in Asian trading, with Brent futures losing 3.27% to $110.90 a barrel.
Companies in the news: While Alibaba was the top winner from China’s ‘618’ trade extravaganza, JD.com’s total event sales rose 10.3%, well below the year’s 27.7% latest, amid China’s intense tech crackdown.
Alibaba’s India unit filed “false or fabricated” documents, an investigation into the cases by the Indian regulator has revealed.
Li Auto Inc has unveiled its L9 SUV for families, a six-seater full-size flagship car.
Citigroup maintained a “buy” rating on Xpeng stock and raised its price target from $36.70 to $51.59. He also lowered his price target on Nio to $41.1 from $87.