Hang Seng Edged Higer to Start 2023, With Xpeng and Li Auto Rising over 5%

Benzinga2023-01-03

Hong Kong stocks opened high on the first trading day of 2023, with the benchmark Hang Seng gaining 0.43% in morning trade.

While Alibaba and Nio rose 1.33% and 2.74% respectively, shares of Meituan lost 0.74% in opening trade. Shares of Xpeng and Li Auto were higher by over 5% and 7%, respectively.

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 China head, Tom Zhu, has reportedly taken overresponsibilities for sales, service and deliveries in North America.

Warren Buffett-backed BYD Co. sold 235,197 new energy vehicles (NEVs) in December, hitting a new all-time high,reportedCnEVPost.

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%.

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Comments

Upswing118
2023-01-03
Upswing118
Go go go...Great start to 2023 [Miser]
Jorim
2023-01-03
Jorim
Cf

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