Asian markets are nervous as Evergrande haunts the silence

(RTTNews) – Asian stock markets were in high spirits as no tangible progress was noted on the Evergrande scenario and no clarification was provided by the company on the coupon payment on the dollar-denominated bonds of the riddled company of debts. Shares of the beleaguered real estate group on the Hong Kong Stock Exchange fell more than 11% as a potential default sent the region’s debt and equity markets shivering.

The Shanghai China Composite Index fell 29.15 points or 0.80% to close at 3,613.07 as Evergrande’s nervousness dampened any aggression in stocks. The PBoC continued to inject cash, pumping out CNY 120 billion.

Japan’s benchmark Nikkei 225 gained 609.41 points or 2.06% from the previous close to close Friday’s session at 30,248.81.

Water transport companies were the best performers in the index. Kawasaki Kisen Kaisha gained 10.99%; Nippon Yusen jumped 8.06%; and Mitsui OSK Lines grew 6.70%.

At the same time, data released by the Japanese Ministry of Interior and Communications showed that in August, consumer prices fell 0.4% year-on-year compared to 0.3% decline in the period. previous in a context of low demand due to the current pandemic. On a monthly basis, the decrease was 0.20%.

Jibun Bank’s flash PMI releases for September indicated that the manufacturing PMI fell to 51.2 from 52.7 the previous month; The services PMI rose to 47.4 from 42.9 in August; and the composite PMI strengthened to 47.7 from 45.5 in August.

The Hong Kong Stock Exchange’s Hang Seng Index lost 318.82 points or 1.30% from the previous close to end at 24,192.16. The day’s high was 24,636.64 and the low was 24,095.79.

Ping An Insurance (Group) Company of China was the top performer in the index rally, rising 2.17%.

Glass maker Xinyi Glass Holdings was the lowest stock on the index, falling 7.33%.

China Evergrande group fell 11.61% even as the fate of coupon payments on dollar bonds due Thursday remained unknown.

The Korean Stock Exchange’s Kospi Index lost 2.34 points or 0.07% to close at 3,125.24. The trading range for the day was between 3119.40 and 3146.86.

Meanwhile, reports have shown that producer prices in South Korea rose 0.4% on a monthly basis and 7.3% on an annual basis.

Apparel and accessories maker Shin Won Corporation and water transport company Heung A Shipping Corporation jumped nearly 30%.

Steelmaker Bookook Steel lost 10.84 percent.

Australia’s S & P / ASX200 closed at 7,342.60 after losing 27.60 points or 0.37% as Evergrande and Covid-19 disturbed investors. The index is currently 3.80% below its 52 week high of 7,632.80.

Information technology firm Computershare was the biggest winner with a 5.73 percent rally. Specialty fashion retailer Premier Investments Ltd also gained more than 5 percent following encouraging results.

Gold miners lost heavily in sync with the global correction in gold prices. Ramelius Resources fell 6.09% and tops the list of people in decline in the index. Perseus Mining lost 5.70%, followed closely by Silver Lake Resources which lost 5.11%.

Real Estate Investment Trust Centuria Industrial fell 5.99% after making a $ 300 million institutional placement.

The New Zealand Stock Exchange’s NZX50 fell 46.37 points or 0.35% to close at 13,259.55. At the close, the index was 2.82% below the 52 week high of 13,643.78.

Meanwhile, reports have shown that in August, New Zealand’s trade deficit widened to a record high of NZD 2,144 million, from NZD 299 million in the corresponding month of the previous year. . Imports jumped 38.4% while exports fell 0.9%.

The cancer diagnostics business, Pacific Edge Limited, grew 6.12% on strong demand for its stocks and the consequent increase in institutional placement. Rubber goods company Skellerup Holdings was up 4.21%.

Fisher Paykel & Healthcare Corporation fell 3.09%. Synlait Milk was down 2.08 percent ahead of Monday’s financial results amid concerns over the company’s loss announcement.

On Thursday, Wall Street continued its rally of relief after the Fed’s announcement on Wednesday that provided much-needed clarification on the Fed’s cutback plans. The Nasdaq-100 rose 0.42% to close at 15,316.58, while the Dow Jones Industrial Average rose another 1.48% to close at 34,764.82.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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