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Li Auto, Xpeng Spearhead EV Rally: Hang Seng Soars to 7-Week High, Captures Best Month Since May
Li Auto and Xpeng outperform in the EV sector as Hang Seng reaches a seven-week peak and records its most successful month since May. The Hang Seng Index enjoyed another profitable week thanks to increases in electric vehicle manufacturers, pushing the market to its peak closing level since July 15.
The Hang Seng Index increased by 1.3 per cent, reaching a peak of 17,989.07 of the past seven weeks on Friday, which culminated in a 2.1 per cent surge this week. The Tech Index experienced a 2.9 per cent climb, and the Shanghai Composite Index also saw a 1.3 per cent boost.
Nio was at the forefront of the gainers as it saw a substantial rise of 10.7 per cent, taking its value up to HK$33.60. Xpeng too saw a significant leap of 8.3 per cent reaching HK$31.85, while Li Auto ascended 7.8 per cent to HK$78.85 and Geely Auto increased by 2.2 per cent to HK$8.82. BYD also saw an uptick of 6 per cent to HK$241.20 following UOB-Kay Hian's decision to upgrade its rating from sell to hold, in the wake of a 33 per cent increase in profits last quarter.
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