Sept 29 (Reuters) – Hong Kong shares ended higher on Wednesday, led by property and financials stocks, as investors priced in developer Evergrande’s stake sale plans, in a sign that the cash-strapped company is prioritising domestic creditors over offshore bondholders.
** The Hang Seng index ended 0.7% higher at 24,663.50, while the China Enterprises Index gained 0.5% to 8,760.44 points.
** Property stocks and financials gained 2.6% and 1.7%, respectively, after China Evergrande Group said it planned to sell a $1.5 billion stake it owns in Shengjing Bank Co Ltd to a state-owned asset management company.
** Shares of Evergrande jumped 15%, although the developer left its offshore bondholders guessing whether it would pay interest on a bond coupon due Wednesday.
** Beijing is prodding government-owned firms and state-backed property developers such as China Vanke Co Ltd to purchase some of Evergrande’s assets, people with knowledge of the matter said.
** The Hang Seng Tech Index dropped 0.8%, tracking sharp declines on Wall Street on rising Treasury yields and deepening concerns over persistent inflation.
** The energy sector lost 3.8% as oil prices fell on demand concerns, while coal-related stocks plunged amid China’s power supply crunch.
** The widening power crunch prompted investors to exit sectors vulnerable to factory shutdowns, dragging the materials sector down 3.4%.
SOURCE : https://www.reuters.com/article/china-stocks-hongkong-close/hk-shares-rise-as-evergrandes-stake-sale-plans-lift-risk-appetite-idUSAZN182N00
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