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Alibaba Lags Behind In Hong Kong While Rivals Strike Gains As Markets Reopen After 2-Day Pause

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Alibaba Lags Behind In Hong Kong While Rivals Strike Gains As Markets Reopen After 2-Day Pause

Shares of JD.Com Inc. (NASDAQ: JD), Baidu Inc. (NASDAQ: BIDU), Tencent Holdings Inc. (OTC: TCEHY), Xpeng Inc. (NYSE: XPEV) and Li Auto Inc. (NASDAQ: LI) rose as trading resumed in Hong Kong on Friday after a two-day break, while Alibaba Group Holding Limited (NYSE: BABA) opened lower.

What’s Moving: Chinese e-commerce giant Alibaba’s shares traded 1.2% lower at HKD 159.40 in Hong Kong at press time, while technology company Baidu’s shares have gained almost 2% to HKD 159.30 and e-commerce company JD.Com’s shares are up 2.8% to HKD 312.80.

See Also: How To Buy Xpeng Motors (XPEV) Stock

Electric vehicle maker Xpeng’s shares have risen almost 6.5% to HKD 156.50, while peer Li Auto’s shares traded 4.0% higher at HKD 114.40.

Tech conglomerate Tencent Holdings’ shares have gained 2.0% to HKD 493.00.

Hong Kong’s benchmark Hang Seng Index opened higher on Friday and was down 0.3% at the time of writing. The index closed almost 1.4% lower on Tuesday, ahead of the two-day break for Typhoon Kompasu and the Chung Yeung Festival.

Why Is It Moving? The Hang Seng Index rose in volatile trade on Friday following the positive cues overnight from Wall Street while investors also continued to monitor the China Evergrande Group (OTC: EGRNY) debt crisis.

Meanwhile, Chinese Premier Li Keqiang has vowed to ensure power supplies for factories as the country grapples with an energy crisis, Bloomberg reported Thursday.

Shares of Chinese companies closed mixed in U.S. trading on Thursday even as the major averages in the U.S. extended gains to a second straight session amid upbeat corporate earnings results from several big-name companies.

Alibaba’s shares closed 0.4% lower, while Nio’s shares ended higher by 0.1%.

 

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