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Why Alibaba, Nio And Other Stocks Are Shooting Up (For Now) In Hong Kong Today

Bhavik Nair
September 28, 2022

Hong Kong stocks opened in the green, taking cues from a relief rally on Wall Street after the Bank of England said it will start buying government bonds at an urgent pace to help restore orderly market conditions. The central bank has pledged to buy 65 billion pounds worth of government bonds.

Hong Kong Stocks Today
Stock Movement
Alibaba Group Holding Ltd. (NYSE:BABA 4.69%
JD.com Inc (NASDAQ:JD) 2.79%
Baidu Inc (NASDAQ:BIDU) 3.33%
Tencent Holdings Ltd. (OTC:TCEHY)           1.39%
Meituan (OTC:MPNGF) 1.48%
Nio Inc (NYSE:NIO) 1.99%
XPeng Inc (NYSE:XPEV) -1.88%
Li Auto Inc (NASDAQ:LI) -0.47%

Shares of Alibaba surged 4% in morning trade while JD.com, Baidu and Nio shares gained over 2%.

Macro News: China's foreign ministry has said its consistent position is to maintain stability in the Korean peninsula, following reports from South Korean media indicating North Korea may conduct a nuclear test in the coming months, reported Reuters.

Also Read: Ray Dalio Says UK Operating 'Like An Emerging Country,' Spending Plan 'Suggests Incompetence'

U.S. Vice-President Kamala Harris condemned "disturbing" actions by China in the Pacific and has pledged to deepen "unofficial ties" with Taiwan, reported Reuters.

The offshore yuan dropped to its lowest level since data first became available in 2011 while China's domestic currency hits its weakest level since the 2008 global financial crisis, reported BBC News.

Company News: Warren Buffett-backed BYD Co. Ltd. (OTC:BYDDF) (OTC:BYDDY) announced the pre-sale prices of its new European passenger car range.

EV-maker NIO launched its first battery swap station in Germany prior to its official market entry, reported the CnEVPost.

Top Gainers and Losers: Alibaba and JD.com were the top gainers among Hang Seng constituents, adding over 5% and 3%, respectively. Longfor Group Holdings Limited and Lenovo Group Limited were the top losers, shedding over 2% in morning trade. 
Shares of Onewo Inc., the property management unit of real estate developer China Vanke Co., fell over 7% in its trading debut in Hong Kong, reported Bloomberg.

Global News: U.S. futures traded in the red on Thursday morning Asia session. The Dow Jones futures were down 0.13% while the Nasdaq futures lost 0.23%. The S&P 500 futures were down 0.14%.

Elsewhere in Asia, Australia’s ASX 200 was up 1.53%. Japan’s Nikkei 225 was up 0.41% while China’s Shanghai Composite index gained 0.68%. South Korea’s Kospi was up 1.24%.

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