- Title: Asian markets grapple with Evergrande fallout
- Date: 28th September 2021
- Summary: TOKYO, JAPAN (SEPTEMBER 28, 2021) (REUTERS) SCREENS SHOWING TOKYO STOCK EXCHANGE LOGO/ SCREEN SHOWING NIKKEI 225 INDEX OPENING AT 30,142.38 POINTS SCREEN SHOWING VARIOUS INDICES SCREEN SHOWING NIKKEI 225 INDEX MOVEMENT SCREEN SHOWING STOCK PRICES VARIOUS OF ELECTRONIC TICKER SHOWING STOCK PRICES WORKING SPACE AT TOKYO STOCK EXCHANGE EXTERIOR OF TOKYO STOCK EXCHANGE TRAFFIC ON STREET PEDESTRIANS PASSING BY DIGITAL SCREEN SHOWING NIKKEI 225 INDEX HONG KONG, CHINA (SEPTEMBER 28, 2021) (REUTERS) EXTERIOR OF HONG KONG EXCHANGE SQUARE SCREEN SHOWING HANG SENG INDEX AFTER MARKET OPENING EXTERIOR OF HONG KONG EXCHANGE SQUARE STOCK TICKER BULL STATUE FLAGS FLYING TRAFFIC MOVING IN CENTRAL BUSINESS DISTRICT PEOPLE WALKING ON FOOTBRIDGE FLAGS FLYING SHANGHAI, CHINA (SEPTEMBER 28, 2021) (REUTERS) ELECTRONIC BOARD IN FRONT OF PEARL TOWER ELECTRONIC BOARD SHOWING SHANGHAI COMPOSITE INDEX AND SHENZHEN COMPONENT INDEX VARIOUS OF TRAFFIC MOVING UNDER ELECTRONIC TICKER BOARD, STOCK INFORMATION ON TICKER ELECTRONIC TICKER BOARD SHOWING SHANGHAI COMPOSITE INDEX AND SHENZHEN COMPONENT INDEX ELECTRONIC TICKER BOARD STOCK INFORMATION ON ELECTRONIC TICKER BOARD SEOUL, SOUTH KOREA (SEPTEMBER 28, 2021) (REUTERS) VARIOUS OF PEOPLE WALKING ACROSS STREET INTERIOR OF DEALING ROOM AT KEB HANA BANK ELECTRONIC BOARDS SHOWING KOSPI AND USD/KRW EXCHANGE RATE ELECTRONIC BOARD SHOWING KOREA COMPOSITE STOCK PRICE INDEX (KOSPI) DEALERS WORKING DEALER SPEAKING OVER PHONE DEALER LOOKING AT MONITORS STOCK TICKER SHOWING KOSPI DEALERS WORKING
- Embargoed: 12th October 2021 04:51
- Keywords: China Evergrande Hang Seng Hong Kong Japan KOSPI Nikkei 225 Seoul Shanghai composite index Shenzhen Component Index South Korea Tokyo Tokyo Stock Exchange markets stocks
- Location: TOKYO, JAPAN / SEOUL, SOUTH KOREA / HONG KONG, SHANGHAI, CHINA
- City: TOKYO, JAPAN / SEOUL, SOUTH KOREA / HONG KONG, SHANGHAI, CHINA
- Country: Various
- Topics: Economic Events,Equities Markets
- Reuters ID: LVA001EWMTAH3
- Aspect Ratio: 16:9
- Story Text: Asian shares mainly drifted lower Tuesday (September 28) as investors continued to fret over China Evergrande Group's unsolved debt crisis and eyed the potential impact of a widening power shortage in China.
In Japan, the benchmark Nikkei 225 opened down 0.32 percent at 30,142.38 points.
In Hong Kong, the Hang Seng index was up 262.56 points by 0151GMT, a rise of 1.08% at 24,471.34.
The Shanghai Composite Index started roughly flat at 3,577.89 points, dropping 4.94 points, while the Shenzhen Component Index dropped 36.76 points to 14,307.53 points.
In South Korea, the benchmark Korea Composite Stock Price Index (KOSPI) opened down 14.70 points, or 0.47% at 3,118.94 points, as of 0037 GMT.
The future of Evergrande, the world's most indebted property developer, is being forensically scrutinized by investors after the company last Friday (September 24) did not meet a deadline to make an interest payment to offshore bond holders. Evergrande has 30 days to make the payment before it falls into default and Shenzhen authorities are now investigating the company's wealth management unit.
Without making reference to Evergrande, the People's Bank of China (PBOC) said Monday (September 27) in a statement posted to its website that it would "safeguard the legitimate rights of housing consumers."
Widening power shortages in China, meanwhile, halted production at a number of factories including suppliers to Apple Inc. and Tesla Inc and are expected to hit the country's manufacturing sector and associated supply chains. Analysts cautioned the ongoing blackouts could affect the country's listed industrial stocks.
(Production: Akira Tomoshige, Daewoung Kim, Minwoo Park, Aleksander Solum, Xihao Jiang, Pedja Stanisic, Angela Johnston)
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