Alibaba Slumps While JD, Tencent Strike Gains In Hong Kong

Shares of U.S.-listed Chinese tech companies Alibaba Group Holdings Ltd. BABA, JD.Com Inc. JD, Tencent Holdings TCEHY, and Baidu Inc. BIDU were mixed in Hong Kong trading early on Tuesday.

While Alibaba and Baidu were trading in the red, Chinese tech giant Tencent and e-commerce company JD.com gained.

Macro Factors: The overall market sentiment was reeling on Hang Seng on Tuesday, with the index falling almost a percent after opening in green and the HSI volatility index upward bound.

Meanwhile, U.S. markets ended Monday lower in anticipation of rate hikes this year from the Federal Reserve as it seeks to curb inflation. The 10-year Treasury yield hit an intraday and 2-year high of 2.784%.

Companies In News: Daily Journal Corporation DJCO, a Los Angeles-based publishing and technology whose investments are overseen by Charlie Munger, cut its stake in Chinese internet giant Alibaba by roughly half, according to a Bloomberg report, which cited a regulatory filing.

Shares of Tencent surged along with other videogame stocks after Chinese regulators approved the country’s first batch of new gaming titles in more than eight months.