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Shares of “them” Evergrande plunged amidst the green color of Asian stocks

The Asia-Pacific stock market was in green at the beginning of the week when investors were still wary of shares of the Chinese real estate “debt bomb” Evergrande.

Outside the building of Evergrande Real Estate Group in Hong Kong, China. Photo: AFP/VNA

On the Hong Kong market, shares of New Energy Vehicle Group, a subsidiary specializing in developing electric vehicles of Evergrande Group, plunged 15% in morning trading on September 27. Late last week, the company announced that it was experiencing a severe shortage of capital. But, New Energy Vehicle Group will not push ahead with a plan to issue shares in yuan.

Hong Kong-listed Evergrande Group shares also slid 0.85% this morning as the group remained silent on its request to pay US$83 million in Evergrande bond interest payments. It is estimated that the debts of Evergrande has surpassed $300 billion.

Meanwhile, Hong Kong’s Hang Seng index this morning still inched slightly by 0.29%.

Mainland China stock market was mixed this morning. The Shanghai Composite index slipped slightly to 3,609.93 points, while the Shenzhen Component index edged up 0.43%.

In Japan, the Nikkei 225 gained 0.31% while the Topix index edged higher with 0.39%. In the Korean market, the Kospi index rose 0.56%.

Australian stocks this morning also recorded in the green with the S&P/ASX 200 index up 0.85%. Overall, the MSCI Asia-Pacific Index (excluding Japan) edged up 0.28%.

In the currency market, the US dollar index against other major currencies rose slightly to 93.217, from below 93.2 set last week. The euro remained unchanged compared to last week and stood at 1 EUR “eating” 1.1724 USD in the context of the fierce competition for the position of Chancellor Angela Merkel.

The Japanese yen slipped and changed hands at 110.64 JPY to 1 USD, from 110 JPY/USD recorded last week. Similarly, the Australian dollar also weakened to 1 AUD for 0.7286 USD.

Oil prices traded by Asian hours this morning rebounded. Brent crude oil futures prices increased 1.61% to $79.35/barrel, while US crude oil futures also increased 1.64% to $75.19/barrel.