Alibaba Holds It Together, EV Stocks Shine As Wider Hang Seng Falls: Key Events Driving Hong Kong Stocks Today

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 (NASDAQ: TSLA) rival XPeng's shares shot up over 4% in morning trade while NIO and Li Auto gained over 2%.

Macro News: China’s People’s Liberation Army (PLA) has deployed air force personnel from around the country to support drills conducted by the Eastern Command against Taiwan, reported the South China Morning Post. State broadcaster CCTV has released footage that shows Russian-made Ka-28 anti-sub helicopters in action, the report added.

Also Read: Looking At NIO's Recent Whale Trades

Shanghai has discovered two COVID-19 cases on Thursday which ended an 11-day streak with no infections, reported the South China Morning Post. The local government has sealed off a group of residential compounds in the south-western districts of Minhang and Xuhui, the report said.

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.