Business
EV Giants Li Auto and Xpeng Propel Hang Seng to 7-Week High in its Best Month Since May
Li Auto and Xpeng spearhead the surge in electric vehicle stocks as Hang Seng reaches a seven-week peak and records its best month since May. The Hang Seng Index wrapped up another successful week with a boost from electric vehicle manufacturers, taking the market to its highest closing point since July 15.
The Hang Seng Index rose by 1.3 per cent, reaching a seven-week peak at 17,989.07 on Friday. This increase culminates in a 2.1 per cent boost this week. In tandem, the Tech Index saw a surge of 2.9 per cent, and the Shanghai Composite Index also experienced a growth of 1.3 per cent.
Nio took the lead with an impressive 10.7% increase, reaching HK$33.60. Following closely, Xpeng leaped 8.3% to HK$31.85, Li Auto escalated 7.8% to HK$78.85, and Geely Auto saw a 2.2% boost to HK$8.82. BYD also improved by 6% to HK$241.20, after UOB-Kay Hian upgraded its guidance from sell to hold, following a 33% rise in earnings from the previous quarter.
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