Trading Concept
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Trading Concept
No Result
View All Result
Home Trading News

Hong Kong’s Hang Seng slips as Alibaba shares drop 10% after disappointing earnings

by
November 19, 2021
in Trading News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

Labcorp to pay $2.1 million to settle DOJ lawsuit for allegedly overbilling Defense Department

Barclays highlights 10 top quality stocks that are also cheap

SINGAPORE — Hong Kong shares fell Friday, extending losses from the previous session as some of China’s biggest tech names remained under pressure.

The benchmark Hang Seng index declined 1.72% while the tech-focused Hang Seng tech index dropped 1% in afternoon trade.

Alibaba shares listed in Hong Kong dropped more than 10% after the technology behemoth missed revenue and earnings expectations for the September quarter, as slowing economic growth in China weighed on results.

The company reported revenue of 200.69 billion yuan ($31.4 billion), less than the 204.93 billion yuan estimated but still a 29% year-on-year rise. The company reported earnings per share of 11.20 yuan, less than an estimate of 12.36 yuan and a 38% year-on-year decline.

Alibaba’s U.S.-listed shares fell 11.1% on Thursday.

Shares of Meituan were down 2.66%, Baidu declined 3.77% and Tencent lost 0.81%. Alibaba-rival JD bucked the downward trend and gained 7.12%.

Broadly, shares traded mixed across Asia-Pacific.

Mainland Chinese stocks rose: The Shanghai composite was up 0.59%, while the Shenzhen component jumped 0.67%.

In Japan, the benchmark Nikkei 225 rose 0.5%, while the Topix was up 0.44%. Investors are on the lookout for an expected announcement of a record $488 billion stimulus package in Japan later on Friday, with Reuters citing media reports.

Australia’s ASX 200 rose 0.23%. Shares of Crown Resorts soared more than 16.57% after a $6.2 billion buyout offer from investment firm Blackstone, according to Reuters.

South Korea’s Kospi was up 0.86%. India’s markets are closed for a holiday on Friday.

U.S. markets were mixed overnight, although strong earnings lifted some indices. The S&P 500 was 0.3% higher to 4,704.54 and the Nasdaq Composite rose 0.5% to 15,993.71. The Dow fell 60 points, or 0.1%, dragged lower by big losses in Cisco shares.

The S&P 500 fell as much as 0.3% at one point before recovering, after strong earnings from Nvidia, the world’s largest chipmaker by market value, and various retailers. Other chipmakers also rose as Nvidia’s strong results lifted optimism for the sector.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 95.624 — recovering from levels near 95.580 earlier.

The Japanese yen weakened slightly, trading at 114.33 per dollar. The Australian dollar was at $0.7278, down marginally from levels around $0.728 earlier.

In the oil market, prices continued to recover from a drop to six-week lows. U.S. crude was up 0.62% to around $79.5 per barrel during Asian trading hours. Global benchmark Brent rose 0.82% to $81.91.

— CNBC’s Arjun Kharpal contributed to this report.

ShareTweetPin

Related Posts

Labcorp to pay $2.1 million to settle DOJ lawsuit for allegedly overbilling Defense Department

by
March 27, 2023
0

A Laboratory Corporation of America Holdings (LabCorp) 642E centrifuge sits in a Community Clinic Inc. health center in Silver Spring,...

Barclays highlights 10 top quality stocks that are also cheap

by
March 27, 2023
0

As the likelihood of a hard landing this year rises, Barclays says investors should seek quality stocks that are not...

Shooting at Nashville Christian school leaves at least 3 children and 3 adults dead, officials say

by
March 27, 2023
0

Metro Nashville Police Department officers walk outside of Covenant School, Covenant Presbyterian Church, in Nashville, Tenn. Monday, March 27, 2023....

Binance and founder Changpeng Zhao violated compliance rules to attract U.S. users, CFTC alleges

by
March 27, 2023
0

The CEO of the largest online exchange for trading cryptocurrency, Binance, said he is establishing a recovery fund to help...

Virgin Orbit extends unpaid pause as Brown deal collapses, ‘dynamic’ talks continue

by
March 27, 2023
0

In this article VORBSPCE Follow your favorite stocksCREATE FREE ACCOUNT NEWQUAY, ENGLAND - JANUARY 09: A general view of Cosmic...

Next Post

Pfizer CEO Talks About Covid Vaccines and What Comes Next: ‘I Think We Are Undervalued.’

Criminals have made off with over $10 billion in 'DeFi' scams and thefts this year

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:



By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • WHO says Covid vaccine booster programs will prolong pandemic

    0 shares
    Share 0 Tweet 0
  • Forget Tesla — this auto stock is the one to buy right now, analyst says

    0 shares
    Share 0 Tweet 0
  • Spin or Split? AT&T Has a Big Decision to Make on Discovery Stake.

    0 shares
    Share 0 Tweet 0
  • Here’s how Carl Icahn is positioning for a possible recession in America

    0 shares
    Share 0 Tweet 0
  • Some lawmakers and their families are betting thousands of dollars on crypto

    0 shares
    Share 0 Tweet 0
  • Home
  • Trading News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by tradingconcept.net
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

All rights reserved by www.tradingconcept.net