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Asian indices started a new week with decline. Notably, today trading is held only on the Hong Kong and Australian exchanges, on the other APR exchanges today is a day off. Hong Kong's Hang Seng Index fell by 4.78% and Australia's S&P/ASX 200 lost 2.05%.
The main reason for the Asian indices decline is the ambiguous situation with Chinese developer Evergrande, having serious debt offerings.They may result in the company's default. Evergrande's shares decreased by 17% amid this news.
According to experts' forecasts, the company should announce bankruptcy as early as this week. However, the markets are seeking more clues whether it will be restructured or fully liquidated. The company has already resorted to debt repayment with real estate.
Investor sentiment is also affected by the insufficiently high rate of Chinese economic recovery and tightening of state regulation in some sectors of the economy.
Besides Evergrande securities, shares of Henderson Land Development Co. Ltd. (-13%), Country Garden Holdings Co. (-12.2%), Sunac China Holdings Ltd. dropped (-10,3%).
Stocks of automakers BYD Co. Ltd. and Geely Automobile Holdings Ltd. lost 7% and 6.8% respectively.
Shares of technology sector companies also showed decline: Alibaba Group Holding Ltd. fell by 1.7%, Tencent Holdings Ltd. went down 2% and Meituan dropped by 3%.
The Australian indicator decline was caused by a drop in stocks: Champion Iron Ltd. lost 13%, Lynas Rare Earths Ltd. went down 12%, Nickel Mines Ltd. dropped by 10%, Pilbara Minerals Ltd. declined by 8%, Mineral Resources Ltd. decreased by 6%. Stock quotes of BHP Group Ltd. fell by 5% and Rio Tinto by 4%.
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