November 27, 2021

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Chinese stock exchanges red after the belly splash of Evergrande

Chinese stock exchanges red after the belly splash of Evergrande

In Japan, the Nikkei was down 0.57 percent, while the broader Topix was down 0.41 percent.

China’s Shanghai Composite rose 0.46 percent, Hong Kong’s Hang Seng fell 0.29 percent, and South Korea’s Kospi rose 0.17 percent.

In India, the Sensex Index is up 0.02%, the S&P/ASX 200 in Australia is up 0.22%, while the Straits Times Index in Singapore is down 0.03%.

Evergrande Valley

The shares of the affected Chinese real estate company Evergrande fell 9.83% since the beginning of trading Thursday, after it became possible to trade the stock again after more than two weeks of suspension.

The company announced in a statement late on Wednesday that an agreement to sell 50.1 percent of developer Hopson’s real estate services did not materialize.

Evergrande has already dropped several payments on its bonds, warning that “there is no guarantee that the group will be able to meet its financial obligations under existing financing agreements and other contracts,” CNBC reports.

Evergrande Property Service Group, which traded again Thursday, is down 8.9 percent, while Hopson is up more than five percent since the start.

We also take into account that South Korea’s exports rose 36.1% in October year-on-year, while imports rose 48%, preliminary figures show, according to the “Korea Herald.”

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