Alibaba, Nio Fall Over 2%: Hong Kong Stocks Weaker As Record China COVID-19 Cases Alarm Investors

benzinga.com/news/22/11/29853756/alibaba-nio-fall-over-2-hong-kong-stocks-weaker-as-record-china-covid-19-cases-alarm-investors

Hong Kong stocks opened in the red on Friday, with the benchmark Hang Seng losing over 1% in opening trade, as market focus shifted to increasing COVID-19 cases in China, which reported a record-high number of infections on Thursday.

Shares of Meituan lost close to 3%, while Alibaba and Nio stocks declined over 2% in morning trade.

Macro News: China reported a record number of COVID-19 infections on Thursday, with lockdowns, mass testing and other restrictions in place.

"With new coronavirus variants emerging every six months or so, China’s economy has been impacted in a cyclical manner since 2021. In consideration of the current situation, we forecast full-year GDP growth at 3.0%," ANZ Research said in a note.

China has indicated more monetary stimulus is on the cards, including a possible cut to the reserve requirement ratio for banks, as it looks to boost its economy, reported Bloomberg.

Company News: China Evergrande Group EGRNF is in talks with a Chinese municipal district in…

This story appeared first on benzinga.com, 2022-11-25.
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