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Alibaba Rose 3.47%, Nio Rise 1.97%: Hang Seng Rebounds On Easing COVID-19 Curbs In China

Benzinga2022-12-08

KEY POINTS

  • Shares of Alibaba rose 3.47% and Nio rose 1.97% while Meituan rose 4.06% and Li Auto stocks rose 3.25% in morning trade.
  • China's exports and imports narrowed at their steepest pace in at least 2.5 years in Nov.
  • Senior Chinese officials are discussing an economic growth target for 2023 of around 5%.

Hong Kong stocks opened in the green on Thursday morning, with the benchmark Hang Seng gaining 1.96%, as investors and traders cheered the easing COVID-19 restrictions in China, which signaled a reopening of the economy. The government announced that work and local production cannot be stopped unless an area is considered high-risk.Shares of Alibaba rose 3.47% and Nio rose 1.97% while Meituan rose 4.06% and Li Auto stocks rose 3.25% in morning trade.

Macro News: China's exports and imports narrowed at their steepest pace in at least 2.5 years in November, dragged by sluggish demand, COVID-led production disruptions and a property slump, reported Reuters.

China should change its official name for COVID-19 to indicate the virus' mutation, and patients with light symptoms should be permitted to quarantine at home, said a leading authority on traditional Chinese medicine, according to Reuters.

Senior Chinese officials are discussing an economic growth target for 2023 of around 5%, Bloomberg reported, citing people familiar with the discussion.

Company News: Warren Buffett-backed BYD Co. is thinking about building a battery plant in the U.S. but doesn’t currently plan on selling its electric cars there,reportedBloomberg citing a top executive.

U.K.-based INEOS and China Petroleum & ChemicalCorporation, known as Sinopec, have announced a new joint venture agreement that will see INEOS acquire a 50% share in the existing Tianjin Nangang Ethylene Project from Sinopec.

Top Gainers and Losers: Galaxy Entertainment Group Limited and Meituan are the top gainers on the Hang Seng index, having risen over 4%. Lenovo Group Limited and CK Infrastructure Holdings Limited are the top losers, having shed 0.5% each.

Global News: U.S. futures traded in the red on Thursday morning Asia session. The Dow Jones futures lost 0.18% while the Nasdaq futures shed 0.41%. The S&P 500 futures were trading lower by 0.31%.

Elsewhere in Asia-Pacific, Australia’s ASX 200 was down 0.7%. Japan’s Nikkei 225 traded 0.87% lower while China’s Shanghai Composite index fell 0.08%. South Korea’s Kospi fell 0.9%.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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  • tig2021
    ·2022-12-09
    Ok
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    ·2022-12-08
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  • FGP
    ·2022-12-08
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      2022-12-09
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    ·2022-12-08
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    ·2022-12-08
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      2022-12-08
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    ·2022-12-08
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    • Vincentan59
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      2022-12-09
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