Alibaba and Other Tech Stocks Rally In Hong Kong As Hang Seng Extends Rebound

Shares of $Alibaba(BABA.US)$ , $Baidu(BIDU.US)$ , $JD.com(JD.US)$ , $Tencent(TCEHY.US)$ , $Li Auto(LI.US)$ and $XPeng(XPEV.US)$ rose in Hong Kong on Wednesday.

What’s Moving: Shares of the Chinese tech companies traded higher in a range between 2% and 6% in Hong Kong, following similar gains by their U.S. peers overnight. Hong Kong’s benchmark Hang Seng Index opened higher on Wednesday and was up 0.3% at the time of writing. The index closed 1.0% higher on Monday.

Why Is It Moving? The Hang Seng Index rose as stocks extended their rebound from a 21-month low on Monday.

Investors remain optimistic about more policy easing by Beijing after the People’s Bank of China (PBOC) reduced the one-year loan prime rate (LPR) on Monday.

Shares of Chinese companies closed sharply higher in U.S. trading on Tuesday after the major averages in the U.S. ended notably higher as fears about the Omicron variant of the coronavirus eased.