Hang Seng Index Today: Alibaba, EV Stocks Fall, Tencent Bucks Trend After Earnings Report

Hong Kong’s Hang Seng Index opened in the red on Thursday, shedding 0.39% in morning trading, following a slow session on Wall Street on Wednesday. The United States Federal Reserve has indicated more rate hikes according to the minutes of its policy meeting. However, he did indicate that the rate of gains could slow.

Actions of Tencent gained more than 3%, while Alibaba Stocks lost more than 1.8%.

Hong Kong Stocks Today
Values Movement
alibaba group holding Limited. slime -1.83%
jd.com Inc. JD -0.63%
Baidu Inc. BIDU -1.96%
Tencent Holdings Limited. TCEHY 3.03%
Meituan MPNGF 1.88%
child inc LITTLE BOY -3.67%
XPing inc. XPEV -2.51%
li car Inc. LI -0.41%

macro news: Hong Kong’s unemployment rate has fallen to 4.3%, the third consecutive improvement seen in the labor market, the South China Morning Post reported. This is the lowest level since November, when Hong Kong posted a figure of 3.9% for the three-month period ending in January, he said.

China is striving to improve power shortages and bring more water to the drought-stricken Yangtze River basin as it battles a record heat wave by seeding clouds, The Guardian reported. On Wednesday, the central province of Hubei became the latest to introduce a rain-inducing effort, sending planes to release the chemical silver iodide into the clouds, according to the report.

Also read: Why this analyst sees a 51% return on this favorite Cathie Wood biotech stock

Taiwan has demonstrated its most advanced combat aircraft, the one equipped with missiles F-16Vin what is considered a rare overnight display following China’s military exercises around the island, Al Jazeera reported.

company news: Tencent has posted its first revenue decline after its workforce shrunk nearly 5%. FY22 first-quarter revenue fell a worse-than-estimated 3% to 134 billion yuan ($19.8 billion) in the June quarter.

Chinese car manufacturer northIO Inc. has started a collaboration with Henan Transport Investment Expressway Service Area Management Co Ltd to speed up the construction of a network of battery-sharing stations in central China, CnEVPost reported.

global news: US futures traded in the red during the Asian session on Thursday morning. Dow Jones futures were down 0.12% while Nasdaq futures were down 0.27%. S&P 500 futures lost 0.17%.

Elsewhere in Asia, Australia’s ASX 200 lost 0.46%. Japan’s Nikkei 225 lost 1.04%, while China’s Shanghai Composite Index traded unchanged. South Korea’s Kospi lost 0.63%.

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