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.
|Alibaba Group Holding Ltd. BABA||-1.1%|
|JD.com Inc JD||-2.45%|
|Baidu Inc BIDU||-0.72%|
|Tencent Holdings Ltd. TCEHY||-0.36%|
|Nio Inc NIO||-0.7%|
|XPeng Inc XPEV||2.09%|
|Li Auto Inc LI||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.
Also Read: Best Penny Stocks
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 Inc's TSLA China head, Tom Zhu, has reportedly taken over responsibilities for sales, service and deliveries in North America.
Warren Buffett-backed BYD Co. BYDDF 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%.
Read Next: 'Do We Want China To Fail?' Patrick Chovanec Says Question To Policymakers Caused 'Awkward' Silence
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.