Alibaba Falls, NIO Rises: Hang Seng Trades in Deep Red, Taking Cues from Pessimistic Wall Street – Alibaba Group Holding (NYSE: BABA), NIO (NYSE: NIO)

Hong Kong shares opened mixed on Thursday morning, taking cues from Wall Street where major indexes closed in the red on Wednesday as investors and traders lost optimism about any possible year-end rebound. and ready myself for the new year, The benchmark Hang Seng lost more than 1% in morning trade.

hong kong stocks today
inventory Agitation
alibaba group holding Ltd Dad -2.85% ink range -5.56%
Baidu Inc Beedu -3.27%
Tencent Holdings Ltd TCEHY 1.47%
Meituan Mpngf -0.22%
NIO Inc nio -0.44%
XPEng Inc XPEV -0.53%
Lee Auto ink Took 0%

shares of alibaba Down more than 2% in morning trade. And baidu Shares fell more than 5% and 3%, respectively. nio Was trading with a gain of 0.44%.

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Macro News: Electric vehicle exports from China more than doubled in November, setting a monthly record, driven mostly by European carmakers who moved production to the country. Reported Bloomberg.

The US will require travelers arriving from China to test negative for COVID-19 before entering the country, Reported South China Morning Post, citing federal health officials.

Company News: Major New York-listed Chinese tech companies like Pinduoduo Inc PDD are also canceling plans to list their shares in Hong Kong, indicating they no longer feel the need to hedge against potential regulatory conflicts between the US and China, Reported information.

Tesla Inc TSLA has said most workers at its Shanghai plant will take leave at the end of next month, Reported CnEVPost, adding that it is not an established practice to halt operations for extended periods during Chinese New Year.

Top gainers and losers: and Alibaba Health Information Technology Ltd were among the biggest losers among Hang Seng components, each declining more than 5%. Wuxi Biologics (Cayman) Inc. is the only gainer, having risen more than 2%.

Global News: US futures traded mixed in the Asian session on Thursday morning. Dow Jones futures lost 0.07% while Nasdaq futures rose 0.18%. S&P 500 futures were trading 0.04% higher.

Elsewhere in Asia Pacific, Australia’s ASX 200 was trading 1.2% lower. Japan’s Nikkei 225 traded 1.42% lower while China’s Shanghai Composite index fell 0.38%. South Korea’s Kospi lost 1.36%.

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