01/08/2024 – 6:00
By Sergio Caldas*
São Paulo, 01/08/2024 – Asian stock markets closed mostly lower this Monday, with worsening sentiment after a large Chinese financial conglomerate filed for bankruptcy.
Last week, Zhongzhi Enterprise Group, a “shadow bank” that provided loans to the Chinese real estate sector, had its bankruptcy and liquidation application accepted by a Beijing court. Additionally, a top executive at the electric vehicle subsidiary of troubled developer China Evergrande was arrested on suspicion of unspecified “crimes.”
In mainland China, the Shanghai Composite index fell 1.42% today, to 2,887.54 points, and the less comprehensive Shenzhen Composite index fell 1.88%, to 1,740.08 points.
Elsewhere in Asia, the Hang Seng fell 1.88% in Hong Kong to 16,224.45 points, with China's Evergrande New Energy Vehicle falling 6%, and South Korea's Kospi shed 0.40% in Seoul. at 2,567.82 points, but Taiex countered the region's negative bias and rose 0.31% in Taiwan, at 17,572.66 points.
In Tokyo, the exchange did not operate today due to a holiday in Japan.
In Oceania, the Australian market was in the red for the fourth consecutive session. The S&P/ASX 200 fell 0.50% in Sydney, to 7,451.50 points.
Contact: [email protected]
*With information from Dow Jones Newswires
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