Hong Kong’s Hold Seng index falls 2% as Evergrande inventory plummets
SINGAPORE – Hong Kong’s Hang Seng index posted losses in Asia-Pacific markets on Monday, with shares in contested Chinese developer China Evergrande Group falling further.
The Hang Seng index fell 2.18% in Monday morning trading, while stocks in China Evergrande Group fell more than 10%.
The stocks of the city-listed insurers also fell, with AIA plunging about 3.6% while Ping An Insurance fell nearly 7%.
The S&P / ASX 200 in Australia fell 1.21% with the big miners’ stocks falling: Rio Tinto lost 3.66%, Fortescue Metals Group lost 6.09%, while BHP lost 4.16%.
MSCI’s broadest index for Asia Pacific stocks outside of Japan fell 1.23%.
The markets in mainland China, Japan and South Korea are closed on Monday due to public holidays.
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Over on Wall Street, stocks struggled in the seasonally weak month of September, and the Dow Jones Industrial Average lost three straight weeks – the first in 2021.
Investor focus for the week is likely to be on the upcoming September Fed meeting for any indication of the Fed easing its loose monetary policy.
Currencies and oil
The US dollar index, which tracks the greenback versus a basket of its competitors, hit 93.281 after a recent jump below 93.
The Japanese yen was trading at 109.94 per dollar after weakening below 109.6 against the greenback last week. The Australian dollar was trading at $ 0.7244 after slipping above $ 0.736 last week.
Oil prices were lower on the morning of Asian trading hours, with international benchmark Brent crude futures falling 0.58% to $ 74.90 a barrel. US crude oil futures lost 0.74% to $ 71.44 a barrel.