• Wed. Sep 28th, 2022

Alibaba Stock Slides On US Delisting Fears: Hang Seng Index Weakens Ahead Of Private China PMI Data

ByBhavik Nair

Aug 1, 2022
Alibaba Stock Slides On US Delisting Fears: Hang Seng Index Weakens Ahead Of Private China PMI Data

Hong Kong’s benchmark Hang Seng Index opened in the red on Monday, losing 0.88%, ahead of the release of China’s Caixin/Markit manufacturing purchasing managers’ index for July.

Shares of Alibaba fell over 4% in opening trade as the U.S. Securities and Exchange Commission added the firm to the list of Chinese companies that could be delisted, according to a report by Reuters. The company is also set to release its earnings later this week.












Hong Kong Stocks Today
Stock Movement
Alibaba Group Holding Ltd. BABA  -4.19%
JD.com Inc JD -0.77%
Baidu Inc BIDU  0.23%
Tencent Holdings Ltd. TCEHY           -1.76%
Meituan MPNGF -0.4%
Nio Inc NIO 2.34%
XPeng Inc XPEV 3.37%
Li Auto Inc LI 2.14%

U.S.-listed Chinese stocks had little to cheer for in July, with shares of Alibaba falling over 17%, Nio losing over 7% and XPeng plunging more than 24% last month. The Hang Seng Index lost more than 7% in July.

Also Read: AMD, Alibaba, Starbucks Earnings On Deck As Q2 Reporting Season Passes Half-Way Mark

Macro News: China’s cyberspace watchdog, the Cybersecurity Administration of China (CAC), has claimed significant results in platform regulation during the first half of the year, the South China Morning Post reported. The CAC continued to intensify online law enforcement having summoned more than 3400 platforms during the first half of 2022 for violating laws and regulations.

China’s official manufacturing purchasing managers’ index (PMI) fell from 50.2 in June to 49 in July, according to data released by the National Bureau of Statistics, the South China Morning Post reported. A figure below the 50-mark indicates contraction.

China has conducted naval exercises near Taiwan just hours ahead of U.S. House Speaker Nancy Pelosi’s visit to the region, reported Financial Times.

Company News: Nio has announced new stations being put into operation in three highway service areas in the eastern province of China, its swap station network now covers all highways in Anhui, reported CnEVPost.

BYD is set to order multiple pure car/truck carriers (PCTCs) to fulfill the firm’s future car export transportation needs, CnEVPost reported citing maritime information service platform Xinde Marine News.

China’s Hangzhou market regulator had summoned Meituan MPNGF, Ele.me, and other food delivery platforms last month for talks over “vicious price-cutting” and poor regulation, reported the South China Morning Post.

Global Markets: U.S. stocks rallied on Friday, led by tech earnings with investors shunning fears about inflationary pressures and recession. The tech-heavy Nasdaq rose 4.67% for the week, while the S&P 500 gained 4.15%. The Dow Jones Industrial Average rose 2.8% last week.

Elsewhere in Asia, Australia’s ASX 200 traded 0.34% higher on Monday. Japan’s Nikkei 225 was up by 0.37%, while the South Korean Kospi fell 0.3%. China’s Shanghai Composite index was down 0.39%.



Image and article originally from www.benzinga.com. Read the original article here.