Asia Stocks Rise on China, Energy Shares Gain – Asia Market Wrap
January 30, 2024
Asia markets fell Tuesday, driven by a selloff in Hong Kong equities, as the liquidation of a major Chinese developer raised fears about the country’s troubled real estate sector.
Hong Kong stocks sank about 2%, while mainland stocks were expected to fall for a third day.
“Out of the nine Chinese private property developers in our coverage which failed to repay debt, only two have successfully completed debt restructurings, which suggests the sector faces litigation risks after Evergrande was ordered to liquidate,” said Kristy Hung, an analyst with the intelligence agency.
Rising prospects for more policy easing in China dropped the benchmark government bond yield to its lowest level in over 22 years.
