Alibaba Stock Holds It Together But Nio And EV Peers Plunge Despite Upbeat China PMI Data

Bhavik Nair

September 29, 2022

Hong Kong stocks opened lower on Friday morning following another sell-off on Wall Street after a temporary relief rally. Electric Vehicle stocks plunged with Xpeng, Li Auto and Nio falling over 4% in morning trade.

Hong Kong Stocks Today
Stock	Movement
Alibaba Group Holding Ltd. (NYSE:BABA)	0.78%
JD.com Inc (NASDAQ:JD)	-1.39%
Baidu Inc (NASDAQ:BIDU)	-0.52%
Tencent Holdings Ltd. (OTC:TCEHY)	-0.74%
Meituan (OTC:MPNGF)	-3.35%
Nio Inc (NYSE:NIO)	-8.33%
XPeng Inc (NYSE:XPEV)	-4.8%
Li Auto Inc (NASDAQ:LI)	-4.18%

Macro News: China’s official manufacturing purchasing managers index rose to 50.1 from 49.4 in August, reported Bloomberg, citing the National Bureau of Statistics.

Also Read: Cathie Wood Loads Up $12M In Shares Of Software Company Day After It Announced Collaboration With Microsoft

The People's Bank of China has asked major state-owned banks to get ready to sell dollars for the local unit in offshore markets in a bid to stop the yuan's descent, Reuters reported.

Company News: Tencent launched an advanced new hearing aid powered by artificial intelligence technology which is priced at RMB 2,880 ($399), the South China Morning Post reported.

RoboSense, a Chinese developer of sensor technologies backed by BYD Co. Ltd., is raising about $150 million in new funding round, reported Bloomberg.

Top Gainers and Losers: Li Ning Company Limited and ANTA Sports Products Limited were the top losers among Hang Seng constituents, having shed over 5% and 3%, respectively. CSPC Pharmaceutical Group Ltd. and China Mengniu Dairy Company Ltd. were the top gainers, up over 2% each.

Global News: U.S. futures traded mixed in Asia session on Friday. The Dow Jones futures were down 0.02% while the Nasdaq futures gained 0.08%. The S&P 500 futures were up 0.1%.

Elsewhere in Asia, Australia’s ASX 200 was down 0.89%. Japan’s Nikkei 225 lost 1.79% while China’s Shanghai Composite index lost 0.52%. South Korea’s Kospi was down 0.49%.

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