Asia-Pacific markets rise as Evergrande shares surge

by Jonathan Adams
Evergrande in Hong Kong

Shares of Evergrande in Hong Kong soared 4.26% by Friday afternoon

Asia-Pacific markets gained in Friday trade, as shares of China Evergrande Group surged in Hong Kong following media reports that the embattled developer is set to pay off a coupon payment on a dollar-denominated bond.

Shares of Evergrande in Hong Kong soared 4.26% by Friday afternoon local time. Evergrande Property Services Group also saw its stock climb 4.03%. The Hang Seng Properties index added 1.5%.

The broader Hang Seng index in the city advanced 0.44%. Mainland Chinese stocks were also higher, with the Shanghai composite rising fractionally while the Shenzhen component jumped 0.787%.

Chinese media reported Friday that debt-ridden developer China Evergrande Group was preparing to pay the interest on a bond that was due September 23 before the grace period ended on Saturday.

Japan’s Nikkei 225 added 0.35% while the Topix index added 0.15%.

South Korea’s Kospi gained 0.35%, with shares of Samsung SDI surging nearly 2% following an announcement that the firm will form a joint venture with automaker Stellantis to produce battery cells and modules for North America.

Australian stocks were muted as the S&P/ASX 200 traded little changed.

MSCI’s broadest index of Asia-Pacific shares outside Japan jumped 0.25%.

The S&P 500 advanced 0.3% overnight on Wall Street to a new record close of 4,549.78. The Nasdaq Composite also added 0.62% to 15,215.70 while the Dow Jones Industrial Average lagged, dropping 6.26 points to 35,603.08.

The U.S. dollar index was at 93.738 as it struggles to recover after dropping from above 94 earlier this week.

The Japanese yen traded at 114.04 per dollar, still stronger than levels above 114.4 seen against the greenback earlier this week. The Australian dollar changed hands at $0.7475 after yesterday’s drop from above $0.75.

This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

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