Most markets rise but Hong Kong hit as Evergrande trade suspended

3. Evergrande 2 new
(Photo: Jordan News)
LONDON — Asian and European stocks mostly rose Monday as investors shrugged off a variety of concerns, but Hong Kong sank on fears about troubled property giant China Evergrande.اضافة اعلان

World oil prices held steady before an OPEC+ output decision, while the euro firmed versus the dollar.

“There may still be 27 days to go until Halloween, but... investors are not in the mood to be spooked,” said AJ Bell investment director Russ Mould.
“Inflation, the energy crisis, supply chain issues, economic growth stuttering, concern that interest rates could go up sooner rather than later and China’s ongoing Evergrande debt problem remain at the forefront,” he added.

London stocks edged up 0.2 percent in midday deals.

Paris won 0.1 percent but Frankfurt flat-lined in early afternoon eurozone trade.

The crisis at Evergrande, which is drowning in a sea of debt worth more than $300 billion, has roiled markets in recent weeks on fears that its failure could spill over into the wider Chinese economy and possibly further.

The firm said in a statement that the halt in the trading of its shares was called “pending the release by the Company of an announcement containing inside information about a major transaction”. 

The news came as reports said Hopson Development Holdings planned to buy a 51 percent stake in its property services arm.

However, traders remain concerned Evergrande will miss payments on bond obligations, putting it in default.

Hong Kong stocks, already under pressure owing to concerns about China’s crackdown on a range of industries including tech firms and casinos, sank more than two percent.

Tokyo fell 1.1 percent — a sixth straight loss — while Taipei was also in negative territory.

Shanghai and Seoul were closed for public holidays.

Oil traders are eagerly awaiting the outcome of a meeting between OPEC and key allies — known as OPEC+ — to decide whether to ramp up oil production to calm overheated global energy prices.

Oil prices jumped above $80 last week for the first time in almost three years on tight global supplies.

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