Chinese language shares are rising, whereas actual property developer Evergrande shares are rising

SINGAPORE – Mainland China stocks rose in early trading Wednesday as stocks in the most indebted real estate developer Evergrande and some of its units soared.

Meanwhile, oil stocks in the region rose on higher oil prices.

The Shanghai composite rose 0.27%, while the Shenzhen share rose 0.15%. Hong Kong’s Hang Seng index rose 0.21%.

Shares of China’s most indebted developer Evergrande rose more than 8% after the company announced in a filing that it was in talks to sell shares in its units, which include Evergrande Property Services and Evergrande New Energy Vehicle Group belong.

Evergrande Property Services’ shares rose more than 16%, while its new energy vehicles division rose more than 8%.

The Japanese Nikkei 225 rose 0.51% while the Topix rose 0.9%. South Korea’s Kospi lost 0.65%.

The S & P / ASX 200 in Australia was up 0.32%.

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Energy stocks benefit from higher oil prices

New records on Wall Street

Wall Street stocks hit new records, boosted by the passage of a $ 1 trillion infrastructure package by the Senate.

The Dow Jones Industrial Average rose 162.82 points to 35,264.67 and closed on a record. The S&P 500 rose 0.1% to 4,436.75 and closed at a new all-time high.

The Senate’s infrastructure plan, which includes $ 550 billion in new spending on transport and broadband, is expected to help boost the economy as peak growth slows after reopening after the pandemic.

Currencies

The US dollar index, which tracks the greenback against a basket of its competitors, rose above 92.9 yesterday to 93,090.

The Japanese yen was quoted at 110.67, weaker than the previous day at 110.4.

The Australian dollar changed hands at $ 0.7338, slightly lower than it was above $ 0.734 yesterday.

– CNBC’s Yen Nee Lee, Maggie Fitzgerald and Tanaya Macheel contributed to this report.

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