Hang Seng inches higher on property, consumer boost
** Country Garden, China's biggest property developer by sales, said it would issue HK$3.9 billion ($500.76 million) of convertible bonds to refinance debt after reportedly failing to attract sufficient demand for a $300 million convertible bond last week. ** China's main Shanghai Composite index closed down 0.91% at 3,522.57 points, while the blue-chip CSI300 index ended down 0.92%.
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Hong Kong's Hang Seng index closed higher on Friday, turning around from earlier losses on a boost from real estate and consumer staples firms, but sentiment remained fragile amid concern over Fed tightening and China's economic outlook.
** At the close of trade, the Hang Seng index was up 13.20 points or 0.05% at 24,965.55, after earlier falling more than 0.9%. The Hang Seng China Enterprises index rose 0.29% to 8,787.3. ** Gains were led by consumer staples firms, with an index tracking the sector closing up 2.59% on the day.
** A sub-index tracking property and construction firms rose in the afternoon session to close 1.03% higher, led by a 5.06% rise in Kerry Properties and a 4.95% gain in Sunac China Holdings ** The index has risen for four straight sessions this week on hopes that a slew of recent government measures will help ease the sector's funding squeeze and reverse a slump in construction.
** In the latest indication of easing moves to combat a slowing economy, sources told Reuters that China's central bank will cut interest rates on its standing lending facility loans for all tenors on Friday. ** But China Evergrande Group fell 0.56% and Country Garden Holdings dropped 2.87% amid continued concerns over liquidity.
** Evergrande said on Friday it was hiring more financial and legal advisers after a group of international creditors said it would take "enforcement action" if the property developer did not do more to resolve a debt default. ** Country Garden, China's biggest property developer by sales, said it would issue HK$3.9 billion ($500.76 million) of convertible bonds to refinance debt after reportedly failing to attract sufficient demand for a $300 million convertible bond last week.
** China's main Shanghai Composite index closed down 0.91% at 3,522.57 points, while the blue-chip CSI300 index ended down 0.92%. ** Around the region, MSCI's Asia ex-Japan stock index was weaker by 1.01%, while Japan's Nikkei index closed down 0.9%.
($1 = 7.7881 Hong Kong dollars)
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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