Business
Li Auto and Xpeng Drive EV Rally: Hang Seng Index Soars to Seven-Week High, Logs Best Month Since May
Li Auto and Xpeng spearhead EV victors as Hang Seng reaches a 7-week peak and records the best month since May. The Hang Seng Index wrapped up yet another successful week with the rise in EV manufacturers pushing the market to its peak closing since July 15.
The Hang Seng Index saw a 1.3 per cent increase, reaching a seven-week peak of 17,989.07 on Friday. This pushed the week's upward trend to a 2.1 per cent gain. The Tech Index also rose by 2.9 per cent, and the Shanghai Composite Index saw a 1.3 per cent boost.
Nio was the top performer with a 10.7% increase, taking its share price to HK$33.60. Xpeng also saw a substantial rise of 8.3%, pushing its shares to HK$31.85. Li Auto's shares went up by 7.8% to HK$78.85, while Geely Auto experienced a 2.2% increase, taking its share price to HK$8.82. Following a recommendation upgrade from sell to hold by UOB-Kay Hian after a 33% profit increase last quarter, BYD's shares also escalated by 6% to HK$241.20.
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