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Asia-Pacific Stocks Mixed; Evergrande Shares Halted Trading

On Monday, Asia-Pacific stocks grappled for direction amid thin trading as other major markets remained closed. 

In Hong Kong, the Hang Seng index skidded 0.65% or 152.83 points to $23,244.84 per share. 

Accordingly, shares and structured products of highly indebted developer China Evergrande halted trading today. 

However, the cash-strapped developer did not provide an immediate reason for the suspension.

Last Friday, it pulled back plans to repay investors in its wealth management products.

Investors must receive $1,257.00 per month as principal payment for three months, disregarding the maturity of the investment.

The move reflected the deepening liquidity squeeze on the debt-driven real estate firm.

Consequently, property companies in Hong Kong edged down today.

Country Garden Holdings Co Ltd. lost 3.32% or 0.029 points to $0.86 per share. 

Sunac China Holdings Ltd. sharply plunged 10.87% or 0.16 points to $1.35 per share. 

The Hang Seng Properties index lowered 1.15% or 43.47 points to $3749.50 per share. 

At the same time, Evergrande-related firms also posted losses in the Asia-Pacific stocks. 

For instance, Evergrande Property Services Group shed 0.38% or 0.001 points to $0.34 per share. 

Meanwhile, Chinese real estate developer Cifi Holdings proposed to purchase China Evergrande’s outstanding 5.50% bond due in 2022.

The offer accounted for $1,000.50 for each $1,000.00 in principal amount along with the accrued and unpaid interest.

South Korea Up as Asia-Pacific Stocks Mixed

Conversely, South Korean shares slightly rose on the mixed trading of Asia-Pacific stocks.

Benchmark KOSPI rose 0.31% or 9.08 points to $2,986.73 per share. 

In Thailand, TAIEX also jumped 0.33% or 60.70 points to $18,279.54 per share. 

In Singapore, Straits Times Index advanced 0.24% or 7.31 points to $3,131.78 per share. 

Meanwhile, markets in China, Japan, Australia, and New Zealand remained closed for their respective holidays.

Furthermore, MSCI’s broadest index of Asia-Pacific stocks outside Japan lowered 1.27% or 0.52 points to $628.60 per share.

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