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Alibaba Up 3%, Nio Down 2%: Hang Seng Opens Higher as China Economic Optimism Outweighs

Benzinga Real-time News ·  Dec 18, 2022 21:46

Hong Kong stocks opened in the green on Monday, with the benchmark Hang Seng rising 0.5% in morning trade on the back of China's top leaders commenting they will focus on boosting the economy next year. Alibaba shares rose over 2% in morning trade while Nio stock lost over 2%. Meituan shares rose over 4%.

Hong Kong Stocks Today
StockMovement
$BABA-SW (09988.HK)$
2.89%
$JD.com, Inc.-SW (09618.HK)$
1.42%
$BIDU-SW (09888.HK)$
0.18%
$TENCENT (00700.HK)$
2.08%
$Meituan-W (03690.HK)$
4.49%
$NIO-SW (09866.HK)$
-2.01%
$XPENG-W (09868.HK)$
0.86%
$Li Auto-W (02015.HK)$
0.55%


Macro News: China's top leaders stated they will focus on boosting the economy next year, pointing towards business-friendly policies and further support for the property market while possibly scaling back fiscal stimulus, reported Bloomberg.

Company News: Taiwan's government stated on Saturday it would fine Foxconn Technology Co Ltd (OTC:FXCOF) for an unauthorized investment in a Chinese chip-maker despite the Taiwanese firm saying it would be selling the stake, reported Reuters.

Top Gainers and Losers: Meituan and Alibaba Group Holding Limited are the top gainers among Hang Seng constituents, having risen 6% and 4%, respectively. CSPC Pharmaceutical Group Limited and Techtronic Industries Company Limited shares are the top losers, having shed over 2.5% and 1%, respectively.

Global News: U.S. futures traded in the green on Monday morning Asia session. The Dow Jones futures gained 0.13% while the Nasdaq futures rose 0.33%. The S&P 500 futures were trading higher by 0.23%.

Elsewhere in Asia-Pacific, Australia's ASX 200 was trading lower by 0.08%. Japan's Nikkei 225 traded 1.17% lower while China's Shanghai Composite index lost 0.76%. South Korea's Kospi shed 0.25%.

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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