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Alibaba Shares Jump, EV Stocks Shine As Wider Hang Seng Falls: Key Events Driving Hong Kong Stocks Today

Benzinga2022-08-12

Hong Kong’s benchmark index Hang Seng today opened in the red, losing 0.23% in Friday morning trade as investors took cues from a mixed session on Wall Street the day before. U.S. indices ended mixed earlier on Thursday despite a fall in the producers’ prices.

EV shares surged in Hong Kong trading on Friday. Tesla Inc rival XPeng's shares shot up over 4% in morning trade while NIO and Li Auto gained over 2%.

Company News: Chinese EV maker NIO Inc has launched its support for Formula Student Germany, a move that could be seen as part of the firm’s efforts in building its brand image in the country, reported CnEVPost.

Chinese ride-hailing firm Didi Chuxing’s joint venture with Li Auto has applied for bankruptcy, according to a court filing, which could mark the end of a four-year-old partnership to make electric vehicles, reported Reuters.

Global Markets: U.S. indices ended mixed on Thursday taking a breather from the recent rally. The Nasdaq ended 0.58% down while the S&P 500 shed 0.07%. The Dow Jones Industrial Average rose 0.08%.

Elsewhere in Asia, Australia’s ASX 200 lost 0.58% during Friday morning trade. Japan’s Nikkei 225 gained over 2% while the South Korean Kospi fell 0.19%. China’s Shanghai Composite index was trading flat.

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Comment7

  • Bspn
    ·2022-08-12
    Ok
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  • Pigmonkey
    ·2022-08-12
    Ok
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  • Ohshi
    ·2022-08-12
    Little jump... Wait for better opportunity 
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  • Deonc
    ·2022-08-12
    Good
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  • browncow
    ·2022-08-12
    [Like] 
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  • jayfalcon
    ·2022-08-12
    Like pls 🙏 thanks 
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  • runningjames
    ·2022-08-12
    Price rise since yesterday before news out.... Any sharp rise is time to sell later [Miser] 
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