Shares of major U.S.-listed Chinese companies were trading mixed in Hong Kong on Monday, with gains in major tech stocks offsetting a drag in the electric vehicle sector.
$BABA-SW(09988.HK)$, $XIAOMI-W(01810.HK)$, $BIDU-SW(09888.HK)$, and $JD.com, Inc.-SW(09618.HK)$ shot up. Among EV stocks $XPENG-W(09868.HK)$ and $Li Auto-W(02015.HK)$ slipped, while $NIO-SW(09866.HK)$ traded in the green.
| Stocks | Movement (+/-) |
|---|---|
| Alibaba | 3.51% |
| Tencent | -2.08% |
| Baidu | 3.52% |
| JD.com | 5.20% |
| Nio | 2.65% |
| Li Auto | -2.63% |
| Xpeng | -0.37% |
Shares of these Chinese companies ended higher on U.S. bourses on Friday.
Global Markets Recap: At press time, the benchmark $Hang Seng Index(800000.HK)$ was trading 2.06% higher amid signs of economic recovery in China.
Elsewhere, Shanghai's SSE Composite Index gained 1.16%, Singapore's SGX Nifty was up 0.84%, while Japan's Nikkei 225 inched 1.04% higher.
Macro Factors: Hong Kong stocks approached their highest level in three months, hoping that the economic data this week would show recovery from COVID woes. According to consensus forecasts on the Purchasing Managers' Index tracked by Bloomberg, China's manufacturing is expected to have expanded last month, defying the contraction trend in the past three months.
Korea Investment Management Co fund has gradually lowered its exposure to Tesla Inc (NASDAQ:TSLA), but has added names including BYD Co (OTC:BYDDY) and Xpeng in March and April on the dip.
