fbpx

Shares of China properties listed in Hong Kong fall, as Kaisa and its units are suspended

Soegeefx AppsAsia MarketShares of China properties listed in Hong Kong fall, as Kaisa and its units are suspended

Key Points

  • Asia-Pacific stocks were mixed in Friday trade.

  • Trading in Hong Kong-listed shares of Chinese property developer Kaisa Group and several of its units was suspended on Friday, according to exchange notices.
  • The S&P 500 sailed to yet another record closing high overnight on Wall Street with its sixth day of gains in a row.

SINGAPORE — Stocks in Asia-Pacific were mixed in Friday trade as shares in Hong Kong led losses among the region’s major markets.

Hong Kong’s Hang Seng index slipped 0.85% in morning trade, paring some losses after a more than 1% drop earlier. Mainland Chinese stocks were mixed, with the Shanghai composite down 0.24% while the Shenzhen component gained 0.42%.

Shares of Chinese property developers in Hong Kong fell. China Evergrande Group slipped 2.12% while China Vanke dropped 1.27% and Sunac China Holdings plunged more than 4%. The Hang Seng Properties index traded 0.28% lower.

Trading in Hong Kong-listed shares of Chinese property developer Kaisa Group and several of its units was suspended on Friday, according to exchange notices.

It came after Kaisa Group said Thursday its finance unit missed a payment on a wealth management product, according to Reuters. Kaisa is the second-largest issuer of U.S. dollar-denominated offshore high-yield bonds among Chinese developers, according to Natixis. Evergrande ranks first.

It comes as investors continue to watch for developments in China’s property sector following the fallout from heavily indebted Evergrande. A few other Chinese real estate firms had also been under the spotlight for going into default, or missing payments on their debt.

Mixed Asia-Pacific markets

Elsewhere, Asia-Pacific stocks were mixed as South Korea’s Kospi fell 0.7%. Shares in Japan also declined as the Nikkei 225 slipped 0.62% and the Topix index shed 0.82%.

The S&P/ASX 200 in Australia gained 0.53%.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.11% lower.

Wall Street record highs

Overnight stateside, the S&P 500 climbed 0.42% to 4,680.06, another record closing high. The tech-heavy Nasdaq Composite also rose 0.81% to an all-time closing high of 15,940.31. The Dow Jones Industrial Average lagged, dipping 33.35 points to 36,124.23.

The gains on Wall Street came following the U.S. Federal Reserve’s announcement on Wednesday that it will begin to slow its bond-buying program later this month.

TICKER COMPANY NAME PRICE CHANGE %CHANGE
.N225 Nikkei 225 Index *NIKKEI 29593.61 -200.76 -0.67
.HSI Hang Seng Index *HSI 25046.51 -178.68 -0.71
.AXJO S&P/ASX 200 *ASX 200 7471.4 43.4 0.58
.SSEC Shanghai *SHANGHAI 3523.06 -3.8 -0.11
.KS11 KOSPI Index *KOSPI 2963.76 -19.46 -0.65
.FTFCNBCA CNBC 100 ASIA IDX *CNBC 100 10252.14 -44.12 -0.43

Oil prices jump about 1%

Oil prices rose in the morning of Asia trading hours, with international benchmark Brent crude futures up 0.87% to $81.24 per barrel. US crude futures jumped 1.03% to $79.62 per barrel.

Stock picks and investing trends from CNBC Pro:

Goldman Sachs picks a raft of Asia stocks to buy right now

If inflation slams the economy, these are the stocks you want to own, says Bernstein

Barclays says the time is right to buy Chinese tech stocks, names Alibaba top pick

The US dollar index, which tracks the greenback against a basket of its peers, was at 94.377 after a recent climb from below 94.0.

The Japanese yen traded at 113.68 per dollar, stronger than levels above 114 seen against the greenback yesterday. The Australian dollar was at $0.7385, struggling to recover after a plunge from above $0.75 earlier in the trading week.

Source : CNBC

You might also like

Leave a Reply




Enter Captcha Here :