Alibaba Sheds 1%, Nio, EV Peers Tank Over 6%: Hong Kong Stocks Open Lower As Focus Turns To US Jobs Data

Zinger Key Points
  • Benchmark Hang Seng Index fell 1% in opening trade.
  • U.N. rights council voted down a Western-led motion to debate alleged human rights abuses by China against Uyghurs.
  • The Biden administration is looking to spare SK Hynix and Samsung Electronics from new restrictions.

Hong Kong stocks opened in the red on Friday ahead of the release of the U.S. monthly jobs data which is likely to be one of the guiding factors for the U.S. Federal Reserve’s rate hike path.

Hong Kong Stocks Today
Stock Movement
Alibaba Group Holding Ltd. BABA  -0.9% Inc JD -2.22%
Baidu Inc BIDU -1.64%
Tencent Holdings Ltd. TCEHY           -1.73%
Meituan MPNGF -0.79%
Nio Inc NIO -7.75%
XPeng Inc XPEV -6.74%
Li Auto Inc LI -15.43%

The benchmark Hang Seng Index fell 1% in opening trade. Li Auto shares plunged 15% while EV peers like Nio and Xpeng tanked over 6%. Alibaba shares lost over 1%.

Also Read: How To Buy Chinese Stocks

Macro News: The U.N. rights council voted down a Western-led motion to conduct a debate on alleged human rights abuses by China against Uyghurs and other Muslims in Xinjiang, reported Reuters.

China’s People’s Liberation Army has been deploying more advanced aircraft to the South and East China seas and the Taiwan Strait to protect its territorial integrity reported the South China Morning Post, citing expert comments following the release of a documentary series by state broadcaster China Central Television.

Company News: The Biden administration is looking to spare SK Hynix Inc HXSCL and Samsung Electronics Co Ltd SSNLF from new restrictions on memory chipmakers in China that intends to thwart Beijing's technological ambitions, reported Reuters citing sources.

U.S. adds BGI Genomics Co Ltd and CRRC Corp CRCCY to a blacklist that subjects them to an investment ban for Americans, reported Reuters.

Top Gainers and Losers: Longfor Group Holdings Limited and Alibaba Health Information Technology Limited are the top losers among Hang Seng constituents having shed over 4% and 3% respectively. Nongfu Spring Co., Ltd. and Galaxy Entertainment Group Limited are the top gainers, having risen over 1% each.

Global News: U.S. futures traded mixed on Friday morning Asia session. The Dow Jones futures were up 0.01% while the Nasdaq futures lost 0.04%. The S&P 500 futures were down 0.04%.

Elsewhere in Asia, Australia’s ASX 200 was down 0.52%. Japan’s Nikkei 225 lost 0.63% while mainland Chinese markets remained closed for trading. South Korea’s Kospi was up 0.12%.

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