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%.
Stock | Movement |
---|---|
$BABA-SW (09988.HK)$ | 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%.