NTDTV
Market Report – Asia Choppy
(NTDTV)
Asian markets clawed their way back from early lows following wild swings in Shanghai.
Fresh worries that a rally in risky assets had gone too far.
Also, fears that China is slowly tightening its easy money policy caused Shanghai to fall almost 6 percent on Monday. That’s its biggest one-day drop in nine months.
However, most Asian share markets made up for early losses as the Shanghai index rebounded and investors hunted for bargains after the recent sell-off.
And the IPO boom is gaining pace in China, even if broader investor demand is cooling.
Shares of China brokerage Everbright Securities rose as much as 42 percent in their debut in Shanghai before paring gains.
While China Minsheng Banking Corp received approval for its near $3 billion listing in Hong Kong. Minsheng is unique because it’s China’s first listed non-state lender.
But Air China shares tumbled in Hong Kong. Investors fear China’s biggest airline may have paid too much and taken on debt in raising its stake in Hong Kong carrier Cathay Pacific.
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