Thursday, November 7, 2024

BYD and Xpeng Propel Hong Kong Stock Upsurge Amid Record Electric Vehicle Sales and Anticipation of New Stimulus

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BYD and Xpeng Propel Hong Kong Stock Upsurge Amid Record Electric Vehicle Sales and Anticipation of New Stimulus
Hong Kong stocks experienced a slight increase, buoyed by robust sales in the electric vehicle (EV) sector, as investors eagerly anticipate new economic support measures from Chinese policymakers. The Hang Seng Index rose 0.1 percent to 20,528.12, while the Hang Seng Tech Index gained 0.9 percent. Notable performers included Trip.com, which jumped 5.9 percent, and major EV manufacturers like BYD and Geely, which saw gains of 4.4 percent and 3.9 percent, respectively. Analysts attribute the positive sentiment to strong sales figures and government policies encouraging vehicle upgrades. Amid these developments, attention is also focused on the upcoming National People’s Congress, where significant fiscal stimulus is expected to be announced to support the economy.
Original source:
https://www.scmp.com/business/banking-finance/article/3285044/byd-xpeng-lead-hong-kong-stock-gains-record-ev-sales-traders-eye-fresh-stimulus

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