A subsidiary of the company missed a payment for a financial product.
(Photo: Reuters)
Tokyo Asian markets failed to join a global rally. After a week in which central banks around the world avoided any surprises, the dollar was able to take off. However, the Chinese stock exchange held back the region’s markets.
Trading in shares of the Chinese construction company Kaisa Group Holdings and three of its units was suspended on Friday. The company previously announced that a subsidiary had missed payment for a financial product. According to a report by the Hong Kong Stock Exchange, the shares of Kaisa were blocked accordingly on Friday. Kaisa’s troubles come amid a worsening liquidity crisis in the Chinese real estate sector.
The Tokyo stock exchange initially showed itself to be weaker on Friday. The Nikkei index, which comprises 225 values, was 0.8 percent lower at 29,565 points. The broader Topix index fell 0.9 percent and stood at 2037 points.
The Shanghai stock exchange was 0.2 percent in the red. The index of the most important companies in Shanghai and Shenzen gained 0.2 percent.
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In Asian foreign exchange trading, the dollar lost 0.1 percent to 113.64 yen and gained 0.1 percent to 6.4004 yuan. In relation to the Swiss currency, it was quoted hardly changed at 0.9127 francs. At the same time, the euro remained almost unchanged at 1.1550 dollars and was quoted little changed at 1.0544 francs. The pound sterling stagnated at $ 1.3498.
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