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Alibaba Rises, Nio Muted But EV Rivals Rally: Hong Kong Stocks Buck The Trend As Asia Markets Bleed

Hong Kong shares opened in the green on Monday, defying a wider Asia trend as most markets in the region were still plagued by negative sentiment triggered by the U.S. Federal Reserve's aggressive rate hike and outlook.  The benchmark Hang Seng was 0.27% higher in early trading, while bourses in South Korea and Japan plunged over 2%.

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Alibaba, XPeng Fall Over 1%: Hang Seng Opens Weaker As Investors Continue To Gauge Impact Of US Fed Rate Projections

Hong Kong stocks opened in the red on Friday, with shares of Alibaba and XPeng falling over 1% each as investors continued to gauge the U.S. Federal Reserve’s rate projections for tackling inflation. The Hang Seng Index fell 0.34% at the open and continues to trade near its 2011 lows.

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Alibaba Plunges, Xpeng, Nio Nosedive: Fed Rate Hike and Projections Push Hang Seng To 2011 Lows

Hong Kong's benchmark Hang Seng Index lost over 1.9% in opening trade to hit 2011 lows after the U.S. Federal Reserve raised interest rates by 0.75% and indicated they could be hit as high as 4.6% next year.  That dented stocks of U.S.-listed Chinese EV makers, whose business prospects depend a lot on interest rates. 

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