Property, tech stocks power Hang Seng rally as China vows to maintain a healthy real estate market amid distress signs

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A man walks by an electronic display showing the local stock index in Shanghai on September 24, 2021. Photo: Reuters

The Hang Seng grows 0.07% on a day when financial companies excel

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Beijing, Sep 27 (EFE) .- The benchmark index of the Hong Kong Stock Exchange, the Hang Seng, closed today with gains of 0.07% in a day without major surprises in which companies in the financial sector were the most benefited.

The selective gained 16.62 points, to 24,208.78, while the index that measures the behavior of mainland Chinese companies listed on the Hong Kong stock market, the Hang Seng China Enterprises, fell 0.25%.

The Financial sub-index was the only one that managed to avoid losses after growing 0.52%.

Commerce and Industry, Real Estate and Services fell 0.08%, 0.95% and 0.08% respectively.

Shares of the developer Evergrande – which is listed on the Hong Kong Stock Exchange, but is not included in the Hang Seng, and is experiencing serious economic difficulties – grew by 8.05%.

It was a good day for the Chinese oil companies Petrochina, Sinopec and Cnooc, which experienced increases of 1.31%, 0.52% and 5.08% respectively.

There were quite a few financial sector stocks that dressed in green: HSBC, China Merchants Bank and the Hong Kong branch of the Bank of China grew 1.51%, 1.37% and 0.88% respectively.

Insurers Ping an and AIA also performed well, rising 1.38% and 0.34% respectively.

The Real Estate sub-index (which does not include Evergrande) was the worst hit of the day, with companies such as Longfor Group falling as much as 3.18% in a context still uncertain due to the crisis of the Chinese developer.

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Evergrande shares in Hong Kong rise as investors monitor situation; Asia stocks struggle for direction

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SINGAPORE — Shares in Asia-Pacific were mixed on Monday, with investors monitoring stocks related to embattled developer China Evergrande Group.

Mainland Chinese stocks closed lower, with the Shanghai composite slipping 0.84% to 3,582.83 while the Shenzhen component dipped around 0.1% to 14,344.29.

Shares of China Evergrande New Energy Vehicle Group in Hong Kong plunged 9.42% following the firm’s Friday warning that it was in a “serious shortage of funds.” The company also announced over the weekend that it will not proceed with plans to issue RMB shares.

Evergrande Group shares in Hong Kong, on the other hand, soared 8.05%. The firm has continued to stay silent on a key $83 million dollar bond interest payment that was due last Thursday.

The broader Hang Seng index in Hong Kong closed around 0.1% higher at 24,208.78.

In Japan, the Nikkei 225 finished the trading day little changed at 30,240.06 while the Topix index dipped 0.14% to 2,087.74. South Korea’s Kospi closed 0.27% higher at 3,133.64.

The S&P/ASX 200 in Australia climbed 0.57% to close at 7,384.20.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose around 0.1%.