Daily Stock Market News

Alibaba, Nio Stocks Slide: Hang Seng Index Today


Shares of major U.S.-listed Chinese companies mostly traded lower again in Hong Kong on Tuesday, with tech giants like Alibaba Group Holdings BABA, Tencent Holdings TCEHY, Baidu Inc BIDU, and JD.com JD deep in the red.

In the electric vehicle segment, Nio Inc NIO and Xpeng Inc XPEV shed as much as 3%, while Li Auto Inc LI bucked the downtrend.

How U.S.-listed Chinese Stocks Are Faring In Hong Kong Today
Stocks Movement (+/-)
Alibaba -4.24%
Tencent -0.95%
Baidu -3.67%
JD.com -4.19%
Nio -7.29%
Xpeng -3.03%
Li Auto 2.27%

Shares of these Chinese companies ended lower on Monday on U.S. bourses.

Global Markets Recap: At press time, the benchmark Hang Seng Index was trading down about a percent, dragged by weaker global cues.

Elsewhere, Japan’s Nikkei 225 lost 2%, while Shanghai’s SSE Composite Index shed 1.9%, and Singapore’s SGX Nifty fell 0.10%.

Macro Factors: The fear of the U.S. Federal Reserve tightening monetary policy again after hotter-than-expected inflation data continued to hurt investor sentiments across global markets.

An increase in COVID-19 cases in China also stoked worries, as the government reimposed restrictions just weeks after lifting a strict lockdown country.

Meanwhile, the MSCI All-Country World Index is down more than 20% from its recent peak, a resonation of the bear market.

Company In News: Chinese tech giant Tencent has bought a stake worth $264 million in Walmart Inc‘s WMT Flipkart, according to media reports citing official documents.

Xpeng will use the integrated die-casting technology from Guangdong Hongtu Technology, the latter said in a release, as EV makers seek new methods to bump up efficiency.



Read More: Alibaba, Nio Stocks Slide: Hang Seng Index Today

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