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%.
Stock | Movement |
---|---|
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%.