Autos Broadly Brisk; BYD COMPANY (01211.HK) Jumps 5% with Macquarie's Hike on TP

AAStocks ·  {{timeTz}}
Weighed down by the new economy stocks this morning, HSI closed at 28,281 at mid-day, down 128 pts or close to 0.5%.

The automobile sector, on the contrary, proved to be broadly brisk, as BYD COMPANY (01211.HK) surged 5.3% to close at $233 by mid-day after Macquarie hiked its target price by 38% to $265 with an Outperform rating to reflect the projected margin growth in coming three years due to the increase in external battery sales.

Its fellow blue chip stock, GEELY AUTO (00175.HK), likewise soared 4.9% to close at $24.45 by mid-day.

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