Asian Market Grapples as Evergrande Contagion Fears Surge

Asian Market Grapples as Evergrande Contagion Fears Surge

On Tuesday, shares on the Asian market grappled with the surge of contagion fears, fired by the possible default of China Evergrande. 

In Japan, the Nikkei 225 index plunged 1.97% or 601.48 points to $29,898.57 per share. 

Accordingly, TOTO Ltd., the world’s largest toilet manufacturer, shed 6.06% or 3.29 points to $50.92 per share. 

Likewise, Softbank Group declined 5.42% or 3.29 points to $57.49 per share.

Moreover, Komatsu Ltd., a leading manufacturer in construction, fell 4.79% or 1.25 points to $24.92 per share. 

In addition, Hitachi Construction Machinery Co. plummeted 4.74% or 1.46 points to $29.33 per share. 

Consequently, the broader TOPIX index tumbled 1.68% or 35.72  points $2,064.45 per share. 

Then, Nippon Steel Corp. edged down 4.37% or 0.86 points to $18.79 per share.

Also, Daikin Industries, Ltd., an air-conditioning manufacturing company, dropped 3.82% or 9.81 points to $245.53 per share. 

Accordingly, Shiseido Co., Ltd. lost 3.37% or 265.00 points to $69.76 per share. 

In Hong Kong, the Hang Seng index decreased 0.32% or 77.02 points to $24,022.12 per share.

The investment holding company Meituan slipped 3.15% or 0.92 points to $29.21 per share.

Similarly, Ping An Insurance dwindled 3.02% or 0.20 points to $6.39 per share. 

Subsequently, BYD Co. Ltd. sank 2.46% or 0.75 points to $30.57 per share. 

At the same time, Alibaba Group Holding Ltd. diminished 2.44% or 0.48 points to $18.99 per share. 

In China and South Korea, markets closed in celebration of their respective public holidays.

Evergrande Plunges as it weighs on Asian Market

Meanwhile, China Evergrande Group continued to plunge as it weighed on the fears of the Asian market. 

Evergrande stumbled 3.51% or 0.01 points to $0.28 per share as the Chinese property developer approached the verge of a default. 

On Tuesday, the highly indebted company reassured the Asian market that it would manage its due responsibilities.

Also, Pacific stocks posted losses as the Asian market fell. 

Australia’s S&P/ASX 200 index hiked 0.31% or 22.60 points to $7,270.80 per share. 

In New Zealand, the S&P/NZX 50 index declined 0.20% or 26.07 points to $13,152.51 per share. 

Furthermore, the MSCI’s broadest index of Asia-Pacific shares outside Japan decreased 0.19% or 1.23 points to $637.84 per share.