Fri. Sep 24th, 2021

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Asia-Pacific stocks stumble

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Asia-Pacific stocks

Stocks in Asia-Pacific were lower in Wednesday morning trade, as investors monitor a speech from Chinese President Xi Jinping.

Mainland Chinese stocks were lower, with the Shanghai composite down about 0.5% while the Shenzhen component declined 0.554%. The Hang Seng index in Hong Kong was slightly higher.

Hong Kong-listed shares of China Evergrande Group tanked by more than 15% on Wednesday morning after the firm announced a share placement with estimated gross proceeds of 4.3 billion Hong Kong dollars ($555 million).

In Japan, the Nikkei 225 slipped fractionally while the Topix index shed 0.51%. South Korea’s Kospi declined 0.52%.

Meanwhile, shares in Australia were lower, with the S&P/ASX 200 slipping slightly.

Over in Southeast Asia, the Straits Times index in Singapore dipped 0.5% after official estimates showed the country’s economy contracted 7% in the third quarter as compared to a year ago.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded about 0.1% lower.

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