Honk Kong stocks were trading lower early on Thursday, with most U.S.-listed Chinese tech and electric vehicle shares slipping into the red, despite positive cues from global markets.
Tech Retreat: $BABA-SW(09988.HK)$ fell after three straight sessions of gains. The stock recently picked up momentum amid upbeat analyst views about the company's June-quarter earnings and on hopes of easing regulatory crackdowns in China.
$JD.com, Inc.-SW(09618.HK)$ fell again on Thursday, while technology and entertainment conglomerate $TENCENT(00700.HK)$ ticked up.
| Stocks | Movement (+/-) |
|---|---|
| Alibaba | -0.3% |
| Tencent | +0.58% |
| Baidu | -2.60% |
| JD.Com | -0.56% |
EV Charge Low: Electric vehicle stocks fell, with $NIO-SW(09866.HK)$ leading losses with a 3.5% drop, a day after its Nio Power Day 2022, where it announced a 500-kilowatt ultra-fast charging pile and offered a glimpse into its third-generation battery swap station.
$Li Auto-W(02015.HK)$ lost nearly 1%, while Warren Buffett-backed $BYD COMPANY(01211.HK)$ bucked the downtrend.
| Stocks | Movement (+/-) |
|---|---|
| Nio | -3.5% |
| Xpeng | -0.24% |
| Li Auto | -0.97% |
Macro Factors: The $Hang Seng Index(800000.HK)$ opened Thursday's session lower and was down 0.21% at 21,541.44 at press time. Energy, financial and property stocks were seeing mixed sentiment.
Overseas Cues: The U.S. market closed modestly higher overnight, drawing encouragement from the FOMC minutes that the Federal Reserve is committed to containing inflation.
The rest of Asia was a sea of green on Thursday, led by the Japanese, Taiwanese and South Korean markets.
European stocks rebounded on Wednesday, as bargain hunters lapped up beaten-down stocks, rest assured that the Fed will act to rein in inflation.
Crude oil futures have resumed the uptrend after two days of losses.