Alibaba Strikes Gains Even As Tech Peers Drop In Hong Kong Today - What's At Play?
Shares of U.S.-listed Chinese tech companies fell in Hong Kong on Tuesday, weighing on the benchmark Hang Seng Index, while Alibaba Group Holding Limited (NYSE: BABA) bucked the trend to jump over 1%.
| Stock | Movement (+/-) |
|---|---|
| Xpeng Inc. (NYSE: XPEV) | -9.2% |
| JD.com Inc. (NASDAQ: JD) | -4.6% |
| Baidu Inc. (NASDAQ: BIDU) | -3.6% |
| Li Auto Inc. (NASDAQ: LI) | -3.3% |
| Tencent Holdings Limited (OTC: TCEHY) | -0.5% |
| Alibaba Group Holding Limited (NYSE: BABA) | +1.6% |
See Also: How To Buy Alibaba (BABA) Stock
The Macro Factors: The Hang Seng Index pared gains after a positive start and was down 0.4% at press time, extending losses to a third straight day.
The continued surge in the prices of crude oil and other commodities following Russia’s invasion of Ukraine stoked fears about inflation and slowing economic growth.
U.S. crude futures gained 1.8% to $121.61 per barrel in Asian trades Tuesday.
Hong Kong — which has the world’s highest fatality rate for COVID-19 — is considering giving priority to reducing COVID-19 deaths over a compulsory citywide test, Bloomberg reported.
Companies In The News: Alibaba has commenced mass production of smart electric vehicles at its venture partner SAIC's factory in Shanghai, as per a report by the Register.
Elon Musk-led Tesla Inc. (NASDAQ: TSLA) has extended the delivery dates for its most affordable Model 3 electric sedan by four weeks in China, CnEVpost reported.
Shares of Chinese companies, including electric vehicle maker Nio Inc. (NYSE: NIO), closed sharply lower in U.S. trading on Monday after the major averages tumbled on worries about the impact of the surge in oil prices.
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