Alibaba, JD.com rise: Hang Seng Trades Strong On The Last Trading Day Of 2022

Hong Kong shares opened in the green on Friday with the benchmark Hang Seng gaining 0.9% in morning trade taking cues from Wall Street which witnessed the much-awaited rebound the day before. Shares of Alibaba and JD.com rose close to 1% while Baidu shares gained close to 2%. Meituan stock shed about 3% in morning trade.

Macro News: China's video game regulator has issued publishing licenses to 44 foreign games for domestic release, further lifting rigid restrictions that have hammered the industry for 18 months, reported Reuters.

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China has vowed to increase its fiscal spending next year while optimizing policy tools including fiscal deficit and special debt, reported Bloomberg.

Company News: Li Auto expects to hit a new milestone in December deliveries with the company's vice president of sales, Liu Jie saying it will deliver more than 20,000 units in the month, reported CnEVPost.

Warren Buffett-backed BYD Co. (OTC: BYDDF) (OTC: BYDDY) has hiked the pricing for its popular Dolphin model while scrapping an entry-level version of the vehicle, reported Bloomberg.

Top Gainers and Losers: Meituan and Alibaba Health Information Technology Limited are the top losers among Hang Seng constituents, having shed over 3% and 2.5% in morning trade. China Life Insurance Company Limited and Hang Lung Properties Limited are the top gainers, having risen over 2% and 1.8%, respectively.

Global News: U.S. futures traded in the red on Friday morning Asia session. The Dow Jones futures lost 0.06% while the Nasdaq futures fell 0.09%. The S&P 500 futures were trading lower by 0.12%.

Elsewhere in Asia Pacific, Australia’s ASX 200 was trading higher by 0.46%. Japan’s Nikkei 225 traded 0.28% higher while China’s Shanghai Composite index rose 0.56%. South Korea’s Kospi lost 1.93%.

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