Hong Kong shares opened lower on Friday, with shares of Alibaba and XPeng fell more than 1% each as investors continued to weigh in on the US Federal Reserve’s interest rate forecast to fight inflation. The Hang Seng Index fell 0.34% on open and remains close to its 2011 lows.
Li car Shares rose over 3% in the morning session after the company announced an early launch of its six-seat SUV Li L8.
| share | movement |
|---|---|
| Alibaba group holding company GmbH. BABA | -1.24% |
| JD.com inc JD | -0.38% |
| Baidu Inc BIDU | -0.51% |
| Tencent Holdings GmbH. TCEHY | -0.85% |
| meituan MPNGF | -0.61% |
| Nio Inc NEVER | -0.89% |
| XPeng Inc XPEV | -1.76% |
| Li car inc LI | 3.47% |
Alibaba shares are trading near a key HKD79.6 support level. If it drops significantly below this level, the stock could likely move towards the next support level of HKD71.15.
Macro News: Gold in China is trading at a significant premium to international prices as a revival in demand has overshadowed the country’s imports, with benchmark prices in Shanghai climbing to a premium of over $43 an ounce over their London equivalent, as reported became Bloomberg.
Beijing has dispatched a team of inspectors to Hong Kong to assist the US audit regulator in on-site audit inspections involving Chinese companies as part of a landmark deal between the two countries, as reported Reutersciting sources.
corporate news: Chinese battery manufacturer CALB Co. plans to raise up to HK$13.6 billion ($1.7 billion) in its Hong Kong IPO, Bloomberg reported.
Alibaba cloud divided plans to double its overseas presence, including a $1 billion investment in a “global partner ecosystem upgrade.”
Top winners and losers: Alibaba and Lenovo Group Ltd are the top losers among top hang seng members after losing…
