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Alibaba, Baidu Slide Over 3% as Wall Street Horror Spreads to Hong Kong Stocks

Benzinga Real-time News ·  Sep 13, 2022 22:43

Hong Kong shares plunged on Wednesday, taking cues from a heavy sell-off on Wall Street triggered by higher-than-expected U.S. inflation for August. Shares of $BABA-SW (09988.HK)$, $BIDU-SW (09888.HK)$, and $JD.com, Inc.-SW (09618.HK)$ fell over 3%, with the benchmark $Hang Seng Index (800000.HK)$ losing over 2.3%. 

Hong Kong Stocks Today
StockMovement
Alibaba Group Holding Ltd.-3.56%
JD.com Inc -3.26%
Baidu Inc-4.48%
$TENCENT (00700.HK)$
-1.31%
$Meituan-W (03690.HK)$
-1.63%
$NIO-SW (09866.HK)$
1.61%
$XPENG-W (09868.HK)$
-1.01%
$Li Auto-W (02015.HK)$
1.74%

Despite the sell-off, shares of EV makers Nio and Li Auto held up with gains of over 1%.

Company News: $Starbucks (SBUX.US)$ has said it is planning to have about 9,000 stores in China by 2025, which is a 56% rise from the present count, reported Reuters.

Tencent Holdings received approval for a new game for the first time since Chinese authorities froze all licensing in 2021, according to media reports.

Top Gainers and Losers: $TECHTRONIC IND (00669.HK)$ and $WUXI BIO (02269.HK)$ are the top losers among Hang Seng's top 30 constituents, shedding over 6% and 4%, respectively. $CNOOC (00883.HK)$ is the only gainer, up 0.6% on Wednesday morning.

Global News: U.S. futures traded mixed on Tuesday morning Asia session. The $Dow Jones Industrial Average (.DJI.US)$ futures were up 0.08%, while $NASDAQ 100 Index (.NDX.US)$ futures lost 0.07%. The $S&P 500 index (.SPX.US)$ futures rose 0.04%.

Elsewhere in Asia, Australia's ASX 200 plunged 2.76%. Japan's Nikkei 225 was down 2.29% while China's Shanghai Composite index fell 0.74%. South Korea's Kospi, too, was down 1.62%.

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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