Chinese and Hong Kong shares fell on Wednesday as investors took profits following recent gains led by support measures, while real estate problems persisted following the filing of a liquidation petition against Country Garden.
The CSI300 index, which brings together major companies listed in Shanghai and Shenzhen, closed 1.27% lower, the biggest daily decline this month, while the Shanghai index fell 1.91% . Hong Kong’s Hang Seng Index fell 1.51%.
Asian stocks also generally retreated amid cautious trading ahead of this week’s U.S. inflation reading, which could influence the timing of the Federal Reserve’s monetary easing cycle.
Country Garden said a liquidation petition had been filed against it for failure to repay a $205 million loan, affecting its debt rollover prospects and undermining Beijing’s efforts to restore confidence in the real estate sector.
Shares of the real estate firm fell 12.5%, dragging Hong Kong’s listed real estate sector down 3.7%.
The Hang Seng property index also fell 0.6%, even after Hong Kong Finance Secretary Paul Chan said the city would reverse all measures restricting the purchase of residential properties, among other measures.
. In TOKYO the Nikkei index fell by 0.08%, to 39,208 points.
. In HONG KONG the HANG SENG index fell by 1.51% to 16,536 points.
. IN SHANGHAI the SSEC index lost 1.91%, to 2,957 points.
. The CSI300 index, which brings together the major companies listed in SHANGHAI and SHENZHEN, fell by 1.27% to 3,450 points.
. In SEOUL, the KOSPI index rose 1.04% to 2,652 points.
. In TAIWAN the TAIEX index remained closed.
. IN SINGAPORE the STRAITS TIMES index fell by 0.58% to 3,138 points.
. In SYDNEY the S&P/ASX 200 index fell by 0.03% to 7,660 points.
Source: Terra
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