Alibaba, JD Fall: No Respite For Hang Seng As Pessimism Continues On Wall Street

Zinger Key Points
  • Hang Seng fell 1% in opening trade.
  • EV shares traded mixed with Xpeng trading 2% lower, while Nio jumped 2%.
  • U.S. Defense Secretary Lloyd Austin said on Sunday he does not expect an imminent invasion of Taiwan by China.

Hong Kong shares opened in the red on Monday morning, taking cues from Friday’s Wall Street decline where major indices fell 1.5%. The benchmark Hang Seng fell 1% in opening trade.

Hong Kong Stocks Today
Stock Movement
Alibaba Group Holding Ltd. BABA  -0.83% Inc JD -2.82%
Baidu Inc BIDU -0.26%
Tencent Holdings Ltd. TCEHY           -1.35%
Meituan MPNGF -2.36%
Nio Inc NIO 1.63%
XPeng Inc XPEV -2.5%
Li Auto Inc LI -0.5%

EV shares traded mixed with shares of Xpeng trading 2.5% lower while Nio stock jumped 1.63%. Shares of Alibaba fell over 0.8% in morning trade while Meituan, lost over 2%.

Also Read: How To Buy Alibaba (Baba) Stock

Macro News: U.S. Defense Secretary Lloyd Austin stated on Sunday he does not expect an imminent invasion of Taiwan by China but said the country was trying to establish a "new normal" with its military activities around the island, reported Reuters.

At the Communist Party’s upcoming national congress, China’s leadership will discuss and calibrate the country’s strategy for the next five years, reported the South China Morning Post citing People’s Daily.

Company News: Nio, XPeng and Li Auto released their September deliveries on Saturday, with the numbers indicating a flat performance in line with that of recent months.

China Petroleum and Chemical Corporation SNPMF is intending to de-list its American Depository Shares trading on the London Stock Exchange, reported Reuters.

Top Gainers and Losers: Country Garden Services Holdings Company Limited and Longfor Group Holdings Limited are the top gainers among Hang Seng constituents, having gained over 10% and 7% respectively. New World Development Company Limited and ENN Energy Holdings Limited are the top losers, having lost over 4% and 3% respectively.

Global News: U.S. futures traded mixed on Monday morning Asia session. The Dow Jones futures were up 0.02%, while the Nasdaq futures lost 0.52%. The S&P 500 futures were down 0.19%.

Elsewhere in Asia, Australia’s ASX 200 was down 0.07%. Japan’s Nikkei 225 gained 0.64%. The Chinese and South Korean markets were closed on Monday.

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