Chinese Stocks Mostly Rebound; Evergrande Crisis in Focus

On Wednesday, Chinese stocks mostly rebounded from sharp losses as traders closely watched the Evergrande crisis.

Accordingly, markets in mainland China reopened for trade after a two-day holiday.

Moreover, the Shanghai Composite index increased 0.40% or 14.52 points to $3,628.49 per share. 

Guangdong Jia Yuan Technology, an electrolytic copper foil manufacturer, skyrocketed 15.84% or 2.84 points to $20.79 per share.

Accordingly, the CSI 1000 index hiked 0.50% or 38.84 points to $7,769.06 per share. 

Similarly, the benchmark SSE 100 inched up 0.71% or 56.96 points to $8,079.99

Then, the S&P/CITIC50 index hopped 1.26% or 50.36 points to $4,042.02 per share. 

Investors sentiment eased as the Evergrande unit Hengda reassured the market that it would make a coupon payment on its domestic bonds this Thursday

Still, market participants looked forward to the intervention of the Chinese government to prevent the possible default.

On the other hand, some mainland Chinese stocks declined on Wednesday trading. 

For instance, the Shenzhen Component index declined 0.57% or 82.28 points to $14,277.08 per share. 

Shenzhen Yinghe Technology, one of the bottom performers, shed 6.42% or 0.27 points to $3.92 per share. 

At the same time, Guangdong Xinbao Electrical Appliances lost 6.27% or 1.23 points to $18.39 per share. 

Also, Walvax BioTech stumbled 6.27% or 0.70 points to $10.47 per share. 

Consequently, the CSI 300 index, which tracks the Chinese most extensive stocks, plummeted 0.70% or 34.17 points to $4,821.77 per share. 

Subsequently, Beijing Vantone Real Estate skidded 5.42% or 0.10% to $1.73 per share. 

Similarly, Kangmei Pharmaceutical fell 5.00% or 0.03 points to $0.65 per share. 

Asia-Pacific Shares Mix as Chinese Stocks Rebound

Moreover, other Asia-Pacific shares mixed as Chinese stocks pared some losses.

On the Tokyo Stock Exchange, the benchmark Nikkei 225 tumbled 0.67% or 200.31 points to $29,639.40 per share. 

Then, the broader TOPIX index dwindled 1.02% or 21.00 points to $2,043.55 per share. 

Elsewhere, South Korea’s KOSPI index edged up 0.33% or 10.42 points to $3,140.51 per share.

In Australia, the S&P/ASX 200 index extended 0.32% or 23.10 points to 23.10 points to $7,296.90 per share. 

Moreover, New Zealand’s S&P/NZX 50 index elevated 0.29% or 38.86 points to $13,215.80 per share. 

Meanwhile, markets in Hong Kong closed in line with the day after the Mid-Autumn festival.