Shares of U.S.-listed Chinese tech companies traded notably lower in Hong Kong on Thursday, dragging the benchmark Hang Seng Index into negative territory.
Why Is It Moving? The Hang Seng Index was down 2.6% at the time of writing, after the U.S. Federal Reserve indicated it could start raising interest rates as soon as March even as it kept the benchmark interest rate unchanged Wednesday.
The Fed’s hawkish posture weighed on technology stocks.
Worries about rising COVID-19 cases in Hong Kong, which is grappling with a fifth wave of infections, also dampened investor sentiment.
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What’s Moving: Shares of U.S.-listed Chinese tech companies traded notably lower.
- Alibaba Group Holding Limited (NYSE: BABA) – down 6.2%
- JD.com Inc. (NASDAQ: JD) – down 5.1%
- Li Auto Inc. (NASDAQ: LI) – down 4.6%
- Xpeng Inc. (NYSE: XPEV) – down 4.8%
- Baidu Inc. (NASDAQ: BIDU)