Hong Kong stocks opened mixed on the first trading day of 2023, with the benchmark Hang Seng losing 0.36% in morning trade. The market seems to be taking into account the fact that China's factory activity narrowed at a faster pace in December dragged by rising COVID-19 infections.
Stock | Movement |
---|---|
$BABA-SW (09988.HK)$ | -1.1% |
$JD.com, Inc.-SW (09618.HK)$ | -2.45% |
$BIDU-SW (09888.HK)$ | -0.72% |
$TENCENT (00700.HK)$ | -0.36% |
$Meituan-W (03690.HK)$ | -3.66% |
$NIO-SW (09866.HK)$ | -0.7% |
$XPENG-W (09868.HK)$ | 2.09% |
$Li Auto-W (02015.HK)$ | 5.14% |
While Alibaba and Nio lost close to 1%, shares of Meituan lost over 2% in opening trade. Shares of Xpeng and Li Auto were higher by over 2% and 5%, respectively.
Macro News: China's factory activity narrowed at a faster pace in December as rising COVID-19 infections disrupted production and weighed on demand, reported Reuters. The Caixin/Markit manufacturing purchasing managers' index declined to 49 in December from 49.4 in November.
European Union government health officials will hold talks on Wednesday on a coordinated response to the surge in COVID-19 infections in China, reported Reuters citing the Swedish EU presidency.
Company News: $Tesla (TSLA.US)$'s China head, Tom Zhu, has reportedly taken over responsibilities for sales, service and deliveries in North America.
Warren Buffett-backed BYD Co. (OTC:BYDDF) (OTC:BYDDY) sold 235,197 new energy vehicles (NEVs) in December, hitting a new all-time high, reported CnEVPost.
Top Gainers and Losers: Meituan and Country Garden Services Holdings Company Limited are the top losers among Hang Seng constituents, shedding over 4% and 3%, respectively. WuXi Biologics (Cayman) Inc. and CSPC Pharmaceutical Group Limited are the top gainers, rising 1.5% and 0.12%, respectively.
Global News: U.S. futures traded in the red on Tuesday morning Asia session. The Dow Jones futures lost 0.17% while Nasdaq futures shed 0.39%. The S&P 500 futures were trading lower by 0.25%.
Elsewhere in Asia-Pacific, Australia's ASX 200 was trading lower by 1.8%. Japan's Nikkei 225 remained closed for a holiday while China's Shanghai Composite index fell 0.31%. South Korea's Kospi lost 1.53%.