China's Evergrande jumps as trade resumes amid chairman probe, rivals down

Agile group

03/10/2023 04:45

** Shares of China Evergrande Group  3333.HK  jump as much
as 42.2% to HK$0.455 in resumed trade on Tuesday; highest level
since Sept. 25 
    ** Stock, which halted trading last Thursday, set for the
biggest one-day pct rise since Sept. 6 if gains hold 
    ** The embattled developer said its billionaire founder was
being investigated over unspecified crimes
    ** Co's property services arm  6666.HK  surges as much as
13.6% to HK$0.67 in early trade but erases gains; down 3.4%
    ** Its EV unit  0708.HK , which halted trade last Thursday,
remains suspended
    ** The trading resumption fuelled speculation of potential
progress in debt restructuring but nothing has been heard so far
- brokers  
    ** Most rivals are down with Country Garden  2007.HK , Logan
Group  3380.HK , Agile  3383.HK  and Sunac  1918.HK  down
between 5.5% and 12% 
    ** China's property sales in September remained weak.
Continued policy relaxation should stabilise property sales but
it is not enough to boost stock market sentiment - Nomura
    ** Hang Seng Mainland Properties Index  .HSMPI  drops 4.6%,
Hang Seng Composite Index on properties and construction stocks
 .HSCIPC  falls 4.1% and Hang Seng Index  .HSI  down 3.2%


 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))