Shares of Kaisa unit plunge
Shares of Kaisa Prosperity, a property services unit of Chinese developer Kaisa Group, plunged 10% as trading resumed a day after the company said its parent’s liquidity issues would not impact operations.
Kaisa Group has the most offshore debt of any Chinese developer after China Evergrande Group. Kaisa Group’s trading remains suspended.
Oil prices bounce back
Oil prices bounced back after dropping earlier in the session as worries over tight inventories underpinned prices. Brent futures gained 0.74%, to $82.66 a barrel, while U.S. WTI crude climbed 0.67%, to $81.42 a barrel.
Rupee slips against U.S. dollar
The Indian rupee depreciated against the U.S. dollar. The domestic unit opened on a weak note at 74.49, then lost further ground and touched 74.53 against the greenback in initial deals, registering a decline of 7 paise from the last close. The Indian currency was weighed down by a lacklustre trend in the domestic equity market and firm American dollar.
Markets update
Indian indices opened flat amid mixed global cues. The Sensex opened at 60,755.38 up 36.67 points after ending marginally higher in the previous session. Similarly, the Nifty opened at 18,127.05, up 17.6 points.
Major Asian share indices edged higher as relief in China’s property sector supported investor sentiment. Chinese blue chips rose 0.4% and Hong Kong’s Hang Seng added 0.7%.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.27% to a 2-1/2 week high. Japan’s Nikkei gained 0.22% and Topix added 0.38% in the morning trade. South Korea’s Kospi rose 0.12%.
In U.S., the Dow Jones Industrial Average fell 12.86 points, or 0.04%, to 36,087.45, the S&P 500 lost 0.05 point, or flat, to 4,682.80 and the Nasdaq Composite dropped 7.11 points, or 0.04%, to 15,853.85.
---- Edited by John Xavier
(With inputs from Reuters, PTI and other news agencies.)