Asian Markets Are Mixed With Hong Kong’s Hang Seng Index Tumbling 2%

Asian Markets Are Mixed With Hong Kong’s Hang Seng Index Tumbling 2%

Asian markets are mixed with Hong Kong’s Hang Seng index tumbling 2%. On Monday, trading in the Hong Kong-listed shares of China Evergrande Group was halted.

No reason was given for the trading suspensions, a stock exchange filing showed on Monday. At the same time, the shares of another Chinese property developer Hopson were also halted.

Japan’s Nikkei 225 dropped 1.27% while the Topix index tumbled 0.8%.

Australian stocks rose, with the S&P/ASX 200 jumped 0.9%.

Outside Japan, MSCI’s broadest index of Asia-Pacific shares slipped 0.33%.

The U.S. dollar index traded at 94.09 following a recent drop from above 94.4.

The Japanese yen was at 111.04 per dollar, above the levels around 112 seen. The Australian dollar traded at $0.7262 following a bounce late last week from around $0.72.

Guangzhou R&F Properties Co Ltd declined 7%, Sunac China Holdings, and Country Garden each dropped 4%.

Oil prices were down in the morning of Asia trading hours, with international benchmark Brent crude futures shed 0.26% to $79.07 per barrel. U.S. crude futures dropped 0.34% to $75.62 per barrel.

"Looks like the property management unit is the easiest to dispose of in the grand scheme of things, indicative of the company trying to generate near term cash," said OCBC Bank analyst Ezien Hoo.

"I'm not sure this necessarily means that the company has given up on surviving, especially as selling an asset means they are still trying to raise cash to pay the bills."