FNPS Society

Main Menu

  • Home
  • Amalgamation
  • Terms of trade
  • Monotonic
  • G-8
  • Financial Affairs

FNPS Society

Header Banner

FNPS Society

  • Home
  • Amalgamation
  • Terms of trade
  • Monotonic
  • G-8
  • Financial Affairs
Terms of trade
Home›Terms of trade›Hong Kong stocks hit 11-month low as real estate industry lags

Hong Kong stocks hit 11-month low as real estate industry lags

By Richard Lyons
September 20, 2021
40
0


Hong Kong’s Hang Seng Index hit a more than 11-month low on Monday, as real estate shares plunged ahead of the China Evergrande bond payment deadline expected later this week.

The benchmark Hang Seng index fell 4.2% to its lowest level since October 6. The index fell 4.9% last week.

Shares of China’s three major real estate developers China Evergrande Group fell more than 12% on Monday afternoon, with the company due to pay $ 119.5 million in interest on two different bonds on Thursday, according to Bloomberg calculations.

Real estate stocks tumble

Real estate counterparts Henderson Land Development and New World Development were among the biggest losers in the Hang Seng Index, tumbling over 13% and over 11% respectively on Monday. Country Garden Services and Sun Hung Kai Properties fell by more than 10% and more than 9% respectively.

“Stock prices and the ability of other real estate companies to raise funds have corrected sharply, prices of Chinese high yield USD-denominated bonds have plunged and a shortage of liquidity is to be expected,” DBS said in a statement. note.

The weakness in the real estate sector spread to bank stocks on Monday.

Bank stocks lose

Hong Kong-listed shares of the Agricultural Bank of China fell about 4.5% on Monday after Reuters reported sources that China’s third-largest lender had made provisions for loan losses on its exposure to China besieged Evergrande.

Simple and intuitive platform

Its banking counterparts China Merchants Bank and Industrial and Commercial Bank of China fell 11.3% and 3.7%, respectively, on Monday in Hong Kong.

Insurers AIA Group and Ping An Insurance (Group) Co of China lost 4.9% and 6.3% on Monday.

Tech stocks amplify losses

Losses in tech stocks pushed the benchmark again to experience its biggest intraday loss in nearly two months. The Hang Seng TECH index fell 3.1%, with e-commerce giants JD.com and Alibaba Group losing 4.4% and 2.2% respectively.

WeChat owner Tencent Holdings fell 1.8% and was the most traded stock by revenue of around HKD 5.13 billion ($ 658.8 million) on Monday, according to the Hong Kong Exchange website.

Mainland Chinese markets have been closed for a two-day holiday, while the Hong Kong market will close on Wednesday.

Read more: China Evergrande dips at the start of bond redemption week

Ready to start?

Download

Capital Com is an execution-only service provider. The material provided on this website is for informational purposes only and should not be construed as investment advice. Any opinion that may be provided on this page does not constitute a recommendation of Capital Com or its agents. We make no representations or warranties about the accuracy or completeness of the information provided on this page. If you rely on the information on this page, you do so entirely at your own risk.


Related posts:

  1. Who owns the information and who controls it?
  2. 2 Aldabra turtles return to the Seychelles from the French zoo
  3. Enterprise Information | Inventory market and inventory market information
  4. China’s commerce plan might trigger lasting injury

Categories

  • Amalgamation
  • Financial Affairs
  • G-8
  • Monotonic
  • Terms of trade
  • TERMS AND CONDITIONS
  • PRIVACY AND POLICY