European stocks buoyant as New Year trading gets off to a positive star

Hong Kong-listed shares of Evergrande-related firms were mixed. China Evergrande New Energy Vehicle Group soared 10.8% while Evergrande Property Services slipped by 0.76%.

112

SINGAPORE — Shares in Asia were mixed on Monday as trading in 2022 kicked off, with some major markets in the region closed.

Hong Kong’s Hang Seng index shed earlier gains closed 0.53% lower at 23,274.75.

Trading in the shares and structured products of debt-ridden Chinese developer China Evergrande Group was halted in Hong Kong on Monday, according to an exchange notice. No immediate reason was given for the halt.

Hong Kong-listed shares of Evergrande-related firms were mixed. China Evergrande New Energy Vehicle Group soared 10.8% while Evergrande Property Services slipped by 0.76%.

Other property stocks in Hong Kong mostly declined, and shares of Country Garden Holdings fell 2.6% while Sunac plunged 9.51%. The broader Hang Seng Properties index fell more than 1%.

Meanwhile, shares of Chinese artificial intelligence firm Sensetime soared 40.91% on Monday, after seeing a strong debut in Hong Kong last week.

Elsewhere, South Korea’s Kospi gained 0.37% to close at 2,988.77 while the Taiex in Taiwan advanced 0.28% on the day to 18,270.51.

In Southeast Asia, the Straits Times index in Singapore climbed about 0.4%, as of about 4:30 p.m. local time.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose marginally by 0.08%.

The Hang Seng index in Hong Kong jumped 1.24% to 23,397.67, paring some losses but still tumbling about 14% for the year.

Shares of Chinese tech firms listed in the city saw big gains on Friday, with Alibaba surging 8.19% and Meituan advancing 3.21% while Tencent rose 3.02%. The Hang Seng Tech index gained 3.57% to 5,670.96.

Mainland Chinese stocks closed higher, with the Shanghai composite up 0.59% to 3,640.47 while the Shenzhen component rose 0.413% to around 14,857.35.

China’s factory activity saw an acceleration in growth during December, with the official manufacturing Purchasing Managers’ Index (PMI) coming in at 50.3 for that month from November’s reading of 50.1, according to data released Friday by the country’s National Bureau of Statistics.

That was above expectations of analysts who had expected the reading to fall slightly from the 50-point mark that separates growth from contraction, according to Reuters. PMI readings are sequential and represent month-on-month expansion or contraction.

Comments are closed.

Subscribe to Newsletter
close-link