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Alibaba, XPeng Fall Over 1%: Hang Seng Opens Weaker As Investors Continue To Gauge Impact Of US Fed Rate Projections

Hong Kong stocks opened in the red on Friday, with shares of Alibaba and XPeng falling over 1% each as investors continued to gauge the U.S. Federal Reserve’s rate projections for tackling inflation. The Hang Seng Index fell 0.34% at the open and continues to trade near its 2011 lows.

Li Auto shares rose over 3% in the morning session after the company announced an early launch of its six-seater SUV Li L8.

Hong Kong Stocks Today
Stock Movement
Alibaba Group Holding Ltd. BABA  -1.24%
JD.com Inc JD -0.38%
Baidu Inc BIDU -0.51%
Tencent Holdings Ltd. TCEHY           -0.85%
Meituan MPNGF -0.61%
Nio Inc NIO -0.89%
XPeng Inc XPEV -1.76%
Li Auto Inc LI 3.47%

Alibaba shares are hovering close to a key support level of HKD 79.6. If it significantly falls below this level, the stock may likely move towards the next support level of HKD 71.15.

Macro News: Gold in China is trading at a significant premium to international prices as a revival in demand overshadowed the country’s imports, with the benchmark prices in Shanghai climbing to a premium of over $43 an ounce over their London equivalent, reported Bloomberg.

See Also: CATL’s 3rd Largest Customer After Tesla, Nio Cuts Reliance On Battery Giant In Bid For Diversification

Beijing has dispatched a team of regulatory officials to Hong Kong to aid the U.S. audit watchdog with onsite audit inspections that involve Chinese companies, as part of a landmark deal between the two countries, reported Reuters, citing sources.

Company News: Chinese battery-maker CALB Co. is looking to raise as much as HK$13.6 billion ($1.7 billion) in its Hong Kong initial public offering, Bloomberg reported.

Alibaba Cloud shared plans to double down on its overseas presence, including a $1 billion investment in a “global partner ecosystem upgrade.”

Top Gainers and Losers: Alibaba and Lenovo Group Ltd are the top losers among top Hang Seng constituents, having lost over 1% each. China Petroleum & Chemical Corporation and Li Ning Company Ltd were the top gainers, having gained over 0.9% each.

Global News: U.S. futures were in the green on Friday morning Asia session. The Dow Jones futures rose 0.15%, while Nasdaq futures gained 0.06%. The S&P 500 futures were up 0.14%.

Elsewhere in Asia, Australia’s ASX 200 was down 1.65% after remaining closed on Thursday. Japan’s Nikkei 225 was down 0.58%, while China’s Shanghai Composite index gained 0.31%. South Korea’s Kospi was down 1.08%. 

Read Next: Cathie Wood Snaps Up $421K In Shares Of This 3D Printing Partner Of Elon Musk’s SpaceX

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