Hong Kong shares traded in the green on Friday with the benchmark Hang Seng opening 3.36% higher. Investors and traders seem to have shrugged off a rise in COVID-19 cases in China which hit their highest since August.

Hong Kong Stocks Today
Stock Movement
Alibaba Group Holding Ltd. BABA  6.27%
JD.com Inc JD 8.92%
Baidu Inc BIDU 4.28%
Tencent Holdings Ltd. TCEHY           4.52%
Meituan MPNGF 5.37%
Nio Inc NIO 12.06%
XPeng Inc XPEV 12.09%
Li Auto Inc LI 7.86%

EV maker shares rose on Friday, with Xpeng and Nio gaining over 12% in morning trade. Shares of Alibaba rose over 6%.

Macro News: China’s COVID-19 cases reached their highest in two-and-a-half months on Thursday dampening hopes for an easing of curbs, reported Reuters.

China will keep the yuan stable and increase the flexibility of its exchange rate, said Yi Gang, governor of the People’s Bank of China (PBOC) while adding that it is important to deepen financial reform and strengthen and improve modern financial supervision, reported Reuters.

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Company News: Lenovo Group LNVGY reported its first revenue decline in 10 quarters with its total revenue during the July-September quarter coming in at $17.09 billion, down 4% year-over-year, reported Reuters.

Nio fell behind on thousands of cars with COVID-Zero disruptions leading to a loss of some 7,000 EVs in production, reported Bloomberg. The company told Benzinga on Thursday it had resumed production after it was initially affected due to COVID-19 curbs

Top Gainers and Losers: CSPC Pharmaceutical Group Limited and JD.com are among the top gainers among Hang Seng constituents, having risen over 7% and 6%, respectively. Lenovo Group Limited and CK Infrastructure Holdings Limited are among the top losers, having fallen 1.85% and 0.4%, respectively.

Global News: U.S. futures traded mixed on Friday morning Asia session. The Dow Jones futures were down 0.07%, while the Nasdaq futures gained 0.08%. The S&P 500 futures were trading lower by 0.04%.

Elsewhere in Asia-Pacific, Australia’s ASX 200 was up 0.22%. Japan’s Nikkei 225 traded 2.06% lower while China’s Shanghai Composite index traded 1.13% higher. South Korea’s Kospi gained 0.25%.

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