Business
Li Auto, Xpeng Boost Hang Seng to 7-Week High: A Stellar Month for the EV Sector and Market Index
Li Auto and Xpeng take the lead in the EV market 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 boosts from EV manufacturers propelling the market to its highest end point since July 15.
On Friday, the Hang Seng Index saw a 1.3 per cent increase, reaching a seven-week peak of 17,989.07, culminating in a weekly surge of 2.1 per cent. The Tech Index also rose by 2.9 per cent, with the Shanghai Composite Index gaining 1.3 per cent.
Nio stood out as the top performer with a substantial 10.7% increase, reaching a new high of HK$33.60. Xpeng followed with an 8.3% rise to HK$31.85, while Li Auto saw a 7.8% growth to HK$78.85, and Geely Auto experienced a modest 2.2% gain to finish at HK$8.82. BYD also marked a 6% rise to HK$241.20, following UOB-Kay Hian's decision to upgrade its rating from 'sell' to 'hold' after witnessing a 33% rise in last quarter's earnings.
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