China stocks falter on return from holiday on Evergrande contagion fears

  • 9/22/2021
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SHANGHAI, Sept 22 (Reuters) - China stocks opened sharply lower on their return from a public holiday, playing catch-up with global markets which were roiled at the start of the week by fears of a messy collapse of cash-strapped Chinese developer Evergrande Group. Both the CSI300 index and the Shanghai Composite Index lost more than 1% in opening deals on Wednesday. The CSI300 Real Estate index started nearly 2% lower, but recouped losses in early trading. The CSI300 Banking Index fell nearly 3%. Evergrande’s Hong Kong-listed shares tumbled over 10% during the first two days of the week, when mainland markets were closed for the mid-Autumn Festival. Fears of spillover effect knocked property and banking shares and roiled global markets. The Hong Kong market was shut on Wednesday for a public holiday. (Reporting by Shanghai Newsroom Editing by Shri Navaratnam)

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