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Hong Kong’s Grasp Seng Jumps; Evergrande shares rise

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SINGAPORE – Asia Pacific stocks were mostly higher in Thursday’s trading as Asia Pacific investors continue to monitor the China Evergrande Group.

Hong Kong’s Hang Seng index rose 1.02% after starting the week down. It had returned to trading on Wednesday after a public holiday.

China Evergrande Group’s shares in the city rose more than 12% and detracted from some gains after previously rising more than 20%. That was even after days of losses – although the decline since the beginning of the year is still more than 80%.

Reuters reported Thursday that the chairman of the China Evergrande Group said the company’s top priority is helping wealthy investors get their products paid off.

The shares of other Hong Kong-listed Chinese property developers also rose: China Vanke rose 5.28% while Sun Hung Kai rose more than 1%. Country Garden rose 7.15%.

Meanwhile, HSBC’s Hong Kong-listed shares rose nearly 2%. Those gains came after HSBC’s CEO said he saw no direct impact of Evergrande’s debt problems on the lender, according to Reuters.

Mainland China stocks were also higher, with the Shanghai Composite gaining 0.44% while the Shenzhen component gaining 0.654%.

South Korea’s Kospi, which returned to trading earlier in the week after the holiday, fell 0.63%. Australia’s S & P / ASX 200 climbed 1.12%.

MSCI’s broadest index for Asia Pacific stocks outside of Japan traded 0.38% higher.

The markets in Japan are closed on Thursday.

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The US dollar index, which tracks the greenback versus a basket of its competitors, hit 93.445 after a recent surge of around 93.

The Japanese yen was trading at 109.86 per dollar after weakening below 109.5 against the greenback yesterday. The Australian dollar changed hands at $ 0.7222, down from the $ 0.728 level it hit earlier this week.

Oil prices were higher on the morning of Asian trading hours, with international benchmark Brent crude oil futures rising 0.3% to $ 76.42 a barrel. US crude oil futures gained 0.21% to trade at $ 72.38 a barrel.

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