KEY POINTS
- Hang Seng Index was trading 1.30% higher after paring early gains
- HK blue-chip stocks could climb by as much as 16% in H2 - Citigroup
Shares of major U.S.-listed Chinese companies traded mostly higher in Hong Kong on Thursday, with tech giants like Alibaba Group Holdings, Tencent Holdings, and Baidu Inc trading higher, while JD.com Inc bucked the trend.
Li Auto Inc led the rally in the electric vehicle segment, while Nio Inc and Xpeng Inc gained at least 8% each.
Global Markets Recap: At press time, the benchmark Hang Seng Index was trading 1.30% higher after paring early gains.
In the U.S., the Dow Jones index closed on a muted note, dragged by losses in the oil & gas, basic materials, and industrial sectors.
Elsewhere, Singapore's SGX Nifty was up 0.21%, while Japan's Nikkei 225 pared gains to trade in the red.
Macro Factors: According to Citigroup, Hong Kong's blue-chip stocks could climb by as much as 16% in the second half of this year, led by stronger corporate earnings.
Company In News: XPeng announced that it has suspended all P5 reservations and pre-orders in four European countries and will shift its focus to the P7 sedan, citing foreseeable export timeline issues.
This setback regarding the P5 does not affect its long-term strategy in Europe or its intention to establish a local presence in the countries where it currently operates, an XPeng spokesperson told CnEVPost, adding that the automaker is shifting to encouraging European consumers to book the P7 sedan.