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Alibaba Gains, EV Stocks Lose Shine: Hong Kong Traders Keenly Await Tencent Earnings

Benzinga Real-time News ·  Aug 16, 2022 22:42

Hong Kong's $Hang Seng Index(800000.HK)$ opened in the green on Wednesday, gaining 0.3% in morning trade as investors keenly await $TENCENT(00700.HK)$'s earnings, along with the New Zealand central bank rate decision.

Hong Kong Stocks Today
StockMovement
$BABA-SW(09988.HK)$
0.5%
$JD.com, Inc.-SW(09618.HK)$
0.6%
$BIDU-SW(09888.HK)$
-0.45%
$TENCENT(00700.HK)$    -0.73%
$Meituan-W(03690.HK)$
2.67%
$NIO-SW(09866.HK)$
-0.73%
$XPENG-W(09868.HK)$
0.45%
$Li Auto-W(02015.HK)$
-1.55%

Company News: Chinese tech giant Tencent is set to deliver its second-quarter earnings today. Reuters had earlier reported it plans to sell all or a bulk of its $24 billion stake in Meituan following which the latter's shares lost over 9% on Tuesday.

As demand unexpectedly weakened, Chinese EV-manufacturer Li Auto is offering an incentive worth 7,000 yuan ($1,030) on its first model, the Li ONE EREV (extended-range electric vehicle), reported CnEVPost.

Global News: U.S. futures were trading in the red during Wednesday morning Asia session. The $Dow Jones Industrial Average(.DJI.US)$ futures were down 0.03% while the $NASDAQ 100 Index(.NDX.US)$ futures shed 0.08%. The $S&P 500 index(.SPX.US)$ futures lost 0.04%.

Elsewhere in Asia, Australia's ASX 200 lost 0.21%. Japan's Nikkei 225 gained 0.94% while China's Shanghai Composite index was trading flat. South Korea's Kospi lost 0.19%.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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