Shares ZTO Express “dancing” out of tune on the Hong Kong listing

Asia-Pacific stocks fell into chaos in the September 29 session, while shares of ZTO Express Forwarding Company soared on the first day on the Hong Kong exchange.

Mainland Chinese stocks closed September 29 session with green ink. Photo: AFP

At the time the Hong Kong stock market closed on September 29, ZTO Express shares increased 9% compared with the offering price of 218 Hong Kong dollars (equivalent to 28.13 USD) / share. The move put the name “rookie” ZTO Express on the list of Chinese companies listed in both the US and Hong Kong markets.

Meanwhile, Hong Kong stocks closed in the red as the Hang Seng index slipped 0.85% to 23.275.53. On the contrary, mainland Chinese markets closed higher. The Shanghai Composite Index edged up 0.21% to 3,224.36 while the Shenzhen Component Index hit 12,900.70, 1,095% increase.

Korean stocks today welcomed the green color when Kospi close the door increased 0.86% to 2,327.89 points. Australia’s S & P / ASX 200 index ended the session sideways at 5,952.10.

The Japanese market fell into chaos as the Nikkei 225 edged up 0.12% to 23,539.10 points, while Topix slipped 0.23% and ended the session with 1,658.10 points. Telecom stocks’ volatility has been closely watched after the new Japanese Prime Minister Yoshihide Suga urged operators to lower rates.

Shares of Nippon Telegraph and Telephone Group (NTT) of Japan fell 2.85% after the company announced the acquisition of all NTT Docomo member units, while shares of NTT Docomo sped up to 15.78 %.

NTT’s move could spark a period of low mobile rates in Japan following the call of Prime Minister Yoshihide Suga. Contrary to NTT, shares of partners like Softbank Corp and KDDI today lost 4.14%.

Overall, the MSCI Asia-Pacific (excluding Japan) still avoided a decline and reached a slight increase.

The Asia-Pacific stock market in recent two consecutive sessions has been under pressure from the Covid-19 pandemic. According to data from Johns Hopkins University, the number of Covid-19 deaths globally has exceeded 1 million, while the just 2 days before just a million. In particular, the Covid-19 deaths in four countries, including the US, Brazil, India and Mexico, accounted for half of the total.

On the currency markets, the US dollar index against other major currencies inched up to 94,187, from 94,113. Japanese Yen depreciated against the greenback and converted 105.65 JPY / USD, compared to the 105.33 JPY / USD threshold reached earlier, while the Australian dollar strengthened and turned 1 AUD / 0, 7095 USD, compared with 1 AUD / 0.705 USD established yesterday.

Oil prices on the Asian market this afternoon went down, with Brent crude oil futures slipping 0.75% to $ 42.11 / barrel while the US crude futures prices fell by about 0.9% to 40.23 USD / barrel.

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