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Hong Kong stocks opened mixed on the first trading day of 2023, with the benchmark Hang Seng losing 0.36% in morning trade. The market seems to be taking into account the fact that China's factory activity narrowed at a faster pace in December dragged by rising COVID-19 infections.
| Stock | Movement |
|---|---|
| Alibaba Group Holding Ltd. (NYSE:BABA) | -1.1% |
| JD.com Inc (NASDAQ:JD) | -2.45% |
| Baidu Inc (NASDAQ:BIDU) | -0.72% |
| Tencent Holdings Ltd. (OTC:TCEHY) | -0.36% |
| Meituan (OTC:MPNGF) | -3.66% |
| Nio Inc (NYSE:NIO) | -0.7% |
| XPeng Inc (NYSE:XPEV) | 2.09% |
| Li Auto Inc (NASDAQ:LI) | 5.14% |
While Alibaba and Nio lost close to 1%, shares of Meituan lost over 2% in opening trade. Shares of Xpeng and Li Auto were higher by over 2% and 5%, respectively.
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Macro News: China's factory activity narrowed at a faster pace in December as rising COVID-19 infections disrupted production and weighed on demand, reported Reuters. The Caixin/Markit manufacturing purchasing managers' index declined to 49 in December from 49.4 in November.
European Union government health officials will hold talks on Wednesday on a coordinated response to the surge in COVID-19 infections in China, reported Reuters citing the Swedish EU presidency.
Company News: Tesla Inc's (NASDAQ:TSLA) China head, Tom Zhu, has reportedly taken over responsibilities for sales, service and deliveries in North America.
Warren Buffett-backed BYD Co. (OTC:BYDDF) (OTC:BYDDY) sold 235,197 new energy vehicles (NEVs) in December, hitting a new all-time high, reported CnEVPost.
Top Gainers and Losers: Meituan and Country Garden Services Holdings Company Limited are the top losers among Hang Seng constituents, shedding over 4% and 3%, respectively. WuXi Biologics (Cayman) Inc. and CSPC Pharmaceutical Group Limited are the top gainers, rising 1.5% and 0.12%, respectively.
Global News: U.S. futures traded in the red on Tuesday morning Asia session. The Dow Jones futures lost 0.17% while Nasdaq futures shed 0.39%. The S&P 500 futures were trading lower by 0.25%.
Elsewhere in Asia-Pacific, Australia’s ASX 200 was trading lower by 1.8%. Japan’s Nikkei 225 remained closed for a holiday while China’s Shanghai Composite index fell 0.31%. South Korea’s Kospi lost 1.53%.
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Posted In: BABA BIDU BYDDF BYDDY JD LI MPNGF NIO TCEHY TSLA XPEV
