Alibaba hits 13-month low after Moody's downgrades 18 Chinese corporates' outlook

China Mobile

07/12/2023 03:16

** Hong Kong-listed shares of Alibaba Group  9988.HK  fall
2.1% to HK$68.65, their lowest since November 2022
    ** Stock set for a fifth straight session of decline, if
losses hold
    ** Moody's changes outlooks on 18 Chinese nonfinancial
corporates, including Alibaba and Tencent  0700.HK , to
"negative" from "stable" 
    ** This follows Moody's affirmation of the China govt's
issuer rating at A1 while change in the outlook to "negative"
from "stable"
    ** Corporates also include CNOOC Ltd  0883.HK , China Mobile
 0941.HK  and Dongfeng Motor Group  0489.HK  among others
    ** Shares of Tencent ease 2.3%, CNOOC falls 2.8%, China
Mobile slips 1.3% and Dongfeng Motor drops 6.3%
    ** Moody's puts Hong Kong, Macau and swathes of China's
state-owned firms and banks on downgrade warnings on Wednesday
as it wasted little time in following up on an identical move
the previous day on the mainland government's ratings
    ** Hang Seng Tech Index  .HSTECH  and Hang Seng China
Enterprises Index  .HSCE  both drop 1.9%, while Hang Seng Index
 .HSI  down 1.8%


 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))