The Hang Seng in Hong Kong gained 0.9% % to 16,102.02 and the Shanghai Composite index was 0.3% higher at 2,918.81
Asian markets opened the week on a positive note, with Chinese regulators announcing measures to support the country’s shaky stock markets while heavily indebted property developer China Evergrande was ordered to undergo liquidation.
U.S. futures were down while oil prices rose.
China’s securities regulator announced on Sunday that beginning Monday, China will suspend the lending of specific shares for short selling, a move to support the country’s dropping stock markets. The specific shares refer to Restricted Stock, which is typically allocated to employees or certain investors subject to sales restrictions.
The Hang Seng in Hong Kong gained 0.9% % to 16,102.02 and the Shanghai Composite index was 0.3% higher at 2,918.81.
China Evergrande Group will be liquidated after a Hong Kong High Court approved a creditor petition on Monday. The heavily indebted developer repeatedly had asked authorities to grant it more time to work out a resolution for its offshore debts. Evergrande has more than $300 billion in liabilities and can appeal the order.
Tokyo’s Nikkei 225 index jumped 1.1% to 36,121.09. In South Korea, the Kospi climbed 1.5% to 2,507.50.
Australia’s S&P/ASX 200 was up 0.3% to 7,576.60. In Bangkok, the SET gained 0.2%.
On Friday, the S&P 500 slid 0.1% to 4,890.97. It was its first drop following a six-day winning streak.
The Dow Jones Industrial Average added 0.2% to 38,109.43. Weakness for tech stocks dragged the Nasdaq composite to a loss of 0.4% to 15,455.36.
Intel led chip stocks were lower than analysts expected even though it reported stronger profit for the last three months of 2023. It declined 11.9% after giving forecasts for revenue and profit for the start of 2024 that fell short of Wall Street’s estimates.
KLA, a supplier for the chip industry, also dragged on tech stocks despite reporting better quarterly results than anticipated. It dipped 6.6% after saying it still sees market conditions as challenging in the near term and giving a forecast for upcoming revenue that fell short of analysts’ estimates.
