Alibaba and NIO Extend Drop: Hong Kong Stocks Struggle Before BYD, CNOOC Earnings Reports

South China Morning Post2023-04-27

  • Hang Seng swings between gains and losses as investors await report cards from BYD, CNOOC, China Life Insurance

  • Liquor distiller ZJLD crashes as much as 17 per cent on debut after completing its US$670 million stock offering

A man on a bicycle stands in front of an electronic board showing Shanghai stock index and other major markets in Tokyo. Photo: ReutersA man on a bicycle stands in front of an electronic board showing Shanghai stock index and other major markets in Tokyo. Photo: Reuters

Hong Kong stocks wavered as corporate earnings reports fuelled optimism even as some local fund managers lacked conviction about China’s economic outlook. Liquor distiller ZJLD Group sank as much as 17 per cent on its trading debut after completing a US$680 million stock offering.

The Hang Seng Index gained 0.1 per cent to 19,777.27 at 10.50am local time, trading near a four-week low. The Tech Index dropped 0.6 per cent while the Shanghai Composite Index advanced 0.3 per cent.

AIA Group climbed 2.5 per cent to HK$25.95 while peer Ping An Insurance surged 6.4 per cent to HK$54.85, following their robust first-quarter earnings. Limiting gains, Alibaba Group dropped 2 per cent to HK$81.60 while Baidu slumped 2 per cent to HK$115.100 and Tencent Holdings weakened 0.6 per cent to HK$346.

Trading has been volatile this week as investors absorbed a slew of better corporate earnings from industry heavyweights like AIA, Ping An and Standard Chartered. BYD, CNOOC, Sinopec and China Life Insurance are also due to issue their first-quarter report cards today.

BYD gained 0.6 per cent to HK$234.20 while China Life added 2.6 per cent to HK$14.36. Oil explorer CNOOC slipped 0.6 per cent to HK$12.42.

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