• Mon. Jul 22nd, 2024

Nio, Li Auto, Alibaba Stocks Rise: Hang Seng Index Today

ByBhavik Nair

Jul 22, 2022
Nio, Li Auto, Alibaba Stocks Rise: Hang Seng Index Today


U.S.-listed Chinese electric-vehicle stocks surged in early Hong Kong trading on Friday, with Nio Inc NIO and Li Auto Inc LI adding more than 4%, following a firmer close on Wall Street overnight for a third straight session.

The Hang Seng Index rose 0.8% at the open after having ended in the red on Thursday, dragged by financials and property stocks.

Stock                                                                                                      Movement  
NIO                                                                                                           4.45%  
Li Auto                                                                                                      4.81%  
XPeng                                                                                                       2.44%  
Baidu                                                                                                        2.88%  
Alibaba                                                                                                     1.6%  
JD.com                                                                                                     1.37%  
Tencent Holdings                                                                                       1.44%  

EVs Lead Rally: Li Auto led the surge, gaining more than 4.7% in opening trade, Nio was up over 4%, while Tesla Inc TSLA rival XPeng Inc XPEV rose 2.44% at press time.

Tech Rises And Rises: Shares of Baidu Inc BIDU rose over 2%, while Alibaba Group Holding Ltd. BABA added 1.6%. Tencent Holdings Ltd. TCEHY shares were up 1.4%, while shopping platform Meituan MPNGF rose 1.89%. E-commerce player JD.com Inc JD gained 1.3%.

Also Read: Why Are Shares Of Tesla Up Today: Shares Rise Following A Strong Q2 Earnings Report

Macro News: Hong Kong is set to witness its first prime rate hike since 2018 following aggressive policy by the U.S. Federal Reserve, according to a Bloomberg survey. 

China’s banking regulator has nudged small banks to dispose of their non-performing assets. The China Banking and Insurance Regulatory Commission (CBIRC) spokesperson Qi Xiang stated in a press conference that small and medium-sized banks have disposed of 594.5 billion yuan ($87.9 billion) worth of bad loans in the first six months, reports Caixin Global.

Company News: Nio is set to deliver its 150 kWh solid-state batteries in the fourth quarter, Pandaily reported. The firm delivered 12,961 cars in June 2022, witnessing a 60.3% year-on-year increase.

Baidu unveiled its all-electric robotaxi and plans to deploy the vehicle at scale across China, TechCrunch reported. It has started charging fares in Beijing for its driverless rides, seen as a pre-cursor to commercializing its robotaxi business.

Global Markets: U.S. markets traded in the green for a third straight session on Thursday, led by a rally in tech stocks, with the Nasdaq surging 1.36%. The Dow Jones Industrial Average closed 0.51% higher, while the S&P 500 rose 0.99%.

Tesla Inc TSLA shares jumped close to 10% on better-than-expected earnings.

Elsewhere in Asia, Japan’s Nikkei 225 traded marginally higher at 0.07% while the South Korean Kospi fell 0.57%. China’s Shanghai Composite traded flat while Australia’s ASX 200 was down 0.08% in opening trade.


Image and article originally from www.benzinga.com. Read the original article here.