Asian Stocks Mixed, Trades Thin as Many Markets Remain Closed -Breaking
By Gina Lee
Investing.com – Asia Pacific stocks were mixed on Monday morning, with trade razor thin on the first trading day of 2022 for some markets.
South Korea’s was up 0.37% by 9:58 PM ET (2:58 AM GMT). Data released earlier in the day showed that the for December was 51.9, higher than the previous month’s 50.9.
Hong Kong’s was down 0.28%, while Chinese, Australian, and Japanese markets were closed for a holiday. On Monday, there will not be any cash trading in Treasuries Asia.
Trader “sentiments may attempt to ride on the Santa Claus rally to deliver a positive start for the first trading day in 2022,” said Jun Rong Yeap, market strategist at IG Asia.
“While the rising omicron COVID spreads may warrant a cautious approach toward reopening, some expectations may be that improved vaccinations will aid to limit the eventual economic impact.”
According to Johns Hopkins University data, Omicron-fueled epidemics are continuing in many countries across the globe. The global count of confirmed cases was at 290 million by Jan. 3.
Investors’ focus was on China Evergrande Hong Kong Shares of Group (HK) were stopped from trading in Hong Kong earlier today. The suspension was not prompted by the debt-ridden property developer.
However, fellow Chinese property developer Cifi Holdings has offered to buy China Evergrande’s outstanding 5.5% bond due in 2022. The offer was $1,000.5 for each $1,000 in principal amount plus accrued and unpaid interest, according to Cifi Holdings’ statement to the Hong Kong stock exchange. Cifi Holdings’ statement to the Hong Kong stock exchange stated that they offered to purchase $505.1 million worth of outstanding notes. The offer will expire at 4 PM London time on January 7.
Investors also await China’s Caixin and PMIs, due later in the week.
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