Alibaba Rises, Nio Muted But EV Rivals Rally: Hong Kong Stocks Buck The Trend As Asia Markets Bleed

Zinger Key Points
  • China’s Communist Party has elected all delegates attending a key political meeting commencing Oct. 16
  • Shares of XPeng and Li Auto jump over 4%
  • Hong Kong Monetary Authority has eased a mortgage stress test requirement for property buyers

Hong Kong shares opened in the green on Monday, defying a wider Asia trend as most markets in the region were still plagued by negative sentiment triggered by the U.S. Federal Reserve's aggressive rate hike and outlook. 

The benchmark Hang Seng was 0.27% higher in early trading, while bourses in South Korea and Japan plunged over 2%.

Hong Kong Stocks Today
Stock Movement
Alibaba Group Holding Ltd. BABA  0.51% Inc JD 0.98%
Baidu Inc BIDU 0.86%
Tencent Holdings Ltd. TCEHY           2.11%
Meituan MPNGF 3.24%
Nio Inc NIO 0.28%
XPeng Inc XPEV 8.64%
Li Auto Inc LI 4.57%

Shares of XPeng and Li Auto jumped over 4%, while Meituan shares gained over 3% in Hong Kong morning trade.

Also Read: Cathie Wood Loads Up $23M Worth Of Shares In This Gene-Editing Company As Stock Falls Over 10% In A Month

China’s Communist Party has elected all delegates attending a key political meeting starting Oct. 16, where President Xi Jinping is expected to secure an unprecedented third term, Business Recorder reported, citing AFP.

Macro News: China said the U.S. is sending "very wrong, dangerous signals" about Taiwan following Secretary of State Anthony Blinken’s statement to his Chinese counterpart on Friday that the maintenance of peace and stability over the island nation was vitally important, reported Reuters.

The Hong Kong Monetary Authority has eased a mortgage stress test requirement for property buyers in response to rising interest rates and a softening market, reported Reuters.

Company News: A company controlled by XPeng Chairman Xiaopeng He bought 2.2 million American depositary shares of the EV maker at an average price of $13.58 per share on Friday, with He now controlling about 20.5% of the company, reported Bloomberg.

Tencent Holdings has partnered with Swiss-American computer gear provider Logitech International SA LOGI to launch a handheld game console, reported the South China Morning Post.

Top Gainers and Losers: Galaxy Entertainment Group Limited and WuXi Biologics (Cayman) Inc. were the top gainers among the top Hang Seng constituents on Monday morning, having gained over 7% and 1%, respectively. CNOOC Ltd and Alibaba Health Information Technology Ltd were the top losers, shedding over 2% and 1%, respectively.

Global News: U.S. futures traded in the red on Monday morning Asia session. The Dow Jones futures were down 0.63%, while the Nasdaq futures lost 0.68%. The S&P 500 futures were down 0.74%.

Elsewhere in Asia, Australia’s ASX 200 was down 1.63%. Japan’s Nikkei 225 was down 2.18%, while China’s Shanghai Composite index lost 0.11%. South Korea’s Kospi was down 2.55%.

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Posted In: AsiaNewsTop StoriesMarketsMoversTrading IdeasChinese EV StocksChinese tech Stockselectric vehiclesEurasiaEVsHang SengHong Kong stock market
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