Shares of Alibaba Group Holding Limited BABA, JD.Com Inc. JD and Baidu Inc. BIDU are trading lower in Hong Kong on Monday, while Xpeng Inc. XPEV, Li Auto Inc. LI and Tencent Holdings Inc. TCEHY are advancing.
What’s Moving: Chinese e-commerce giant Alibaba’s shares traded almost 1.3% lower at HKD 140.40 in Hong Kong, while e-commerce company JD.com’s shares are down almost 4.2% to HKD 271.40 and technology company Baidu’s shares are down 0.5% to HKD 147.70.
See Also: How To Buy Xpeng Motors (XPEV) Stock
Meanwhile, electric vehicle maker Xpeng’s shares are up almost 1.5% to HKD 1337.00 and peer Li Auto’s shares have added 0.1% to HKD 101.30.
Chinese electric vehicle maker Nio Inc. NIO, Xpeng and Li Auto all reported global deliveries on Friday for September that about doubled year-over-year.
Tech conglomerate Tencent Holdings’ shares are up 0.4% to HKD 463.40.
Trading in shares of China Evergrande Group’s EGRNF and its property management unit Evergrande Property Services Group Limited EVGPF was halted on Monday as investors continued to monitor news from the highly indebted property developer. It was not clear why trading in the shares were suspended.
Hong Kong’s benchmark Hang Seng Index is down 1.9% at the time of writing. The index closed almost 0.4% lower on Thursday ahead of a holiday on Friday.
Why Is It Moving? The Hang Seng Index is extending losses amid worries about China Evergrande’s ability to service its huge debt load of more than $300 billion. The severe power crisis in China also weighed on investor sentiment.
It was reported by Bloomberg that China has ordered its top state-owned energy companies such as State Power Investment Corp. and China Energy Investment Corp. to secure fuel supplies for the approaching winter at all costs.
Shares of Chinese companies closed lower in U.S. trading on Friday even as the major averages in the U.S. closed sharply higher.
Alibaba’s shares closed 2.6% lower, while Nio’s shares ended down 0.7%.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
