Hong Kong shares traded higher on Tuesday, with electric vehicle makers leading gains, while tech majors such as $BABA-SW(09988.HK)$ and $JD.com, Inc.-SW(09618.HK)$ rose more than 6%.
Web search giant $BIDU-SW(09888.HK)$ and tech conglomerate $TENCENT(00700.HK)$ also strengthened, while $NIO-SW(09866.HK)$ shot up more than 9% and was atop the table along with peers $Li Auto-W(02015.HK)$, and $XPENG-W(09868.HK)$.| Stocks | Movement (+/-) |
|---|---|
| Alibaba | 6.50% |
| JD.com5. | 7.10% |
| Baidu | 5.30% |
| Tencent | 4.80% |
| NIO | 9.47% |
| Li Auto | 9.86% |
Global Markets Recap: At press time, Hong Kong's benchmark $Hang Seng Index(800000.HK)$ soared about 2.91% following positive cues from the global markets.
Macro Factors: Investor confidence was boosted by the announcement of a phased economic reopening as traders re-evaluated the growth prospects for a sluggish economy.
Company In News: JPMorgan lifted the rating on at least 15 Chinese tech companies, including Tencent and Alibaba. It also upgraded JD.com to neutral and raised its price target to $58.
Bank of America Securities upgraded its rating on Nio stock to "buy" from "neutral", and bumped up its price target to $26 from $25 per share.
Hedge fund Tiger Global more than doubled its positions in Chinese EV makers XPeng and Li Auto.