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Chinese stocks fall, Evergrande insurance increases real estate stocks




SHANGHAI, Sept. 22 (Reuters) – Chinese stocks fell on Wednesday, dragged down by banks and consumer staples, while real estate stocks surged after developer China Evergrande assured to pay bond interest.

The CSI300 index fell 1.1% to 4,801.94 at the end of the morning session, while the Shanghai Composite Index lost 0.3% to 3,603.41.

** The main unit of the China Evergrande group said it will make a coupon payment on its domestic bonds on Thursday, offering some relief to nervous markets.

** The banking sub-index fell 3.44%, while the real estate index jumped 5% after opening down nearly 2%.

** Over the holidays, real estate and bank stocks collapsed in the Hong Kong market amid growing risks of default by Chinese real estate developers and fears that Beijing’s common prosperity agenda will also include the names of the Hong Kong real estate.

** China Merchants Securities said in a note that the A-share market is unlikely to continue to decline, citing the different investor structures between the mainland and Hong Kong markets and the political space. They added that foreign investors made up more than 40% of investors in the Hong Kong market.

** The Chinese A-share market opened after the Mid-Autumn Holidays, while the Hong Kong market was closed for a public holiday on Wednesday.

** Consumer staples and tourism stocks have declined by more than 2.5% each amid resurgent COVID-19 cases.

** The energy sub-index gained more than 3%, after Chinese leader Xi Jinping said on Tuesday that China would not build new overseas coal-fired power projects, while the planner State said it had sent teams to ensure energy supply and price stabilization measures had been implemented.

** The NEEQ Market Making Component Index, which tracks the most liquid stocks traded on the new Beijing Third Board on which the Beijing Stock Exchange is based, jumped 5.2% to its highest level since 2016 after that the Beijing Stock Exchange has set the investment threshold.

Shanghai press room report; Editing by Rashmi Aich




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