Asia Makes Some Progress

Shares in Asia-Pacific were mostly higher on Tuesday. Meanwhile, South Korean game developer Krafton plunged in its debut.

The Nikkei 225 returned from a long weekend to gain 68.11 points, or 0.2%, to 27,888.15.

The Japanese yen traded at 110.41 per U.S. dollar, weaker than levels below 109 seen against the greenback last week.

In Hong Kong, the Hang Seng popped 322.22 points, or 1.2%, to 26,605.62.

Shares of Evergrande Property Services, an arm of indebted Chinese developer China Evergrande, soared around 15.8%. China Evergrande New Energy Vehicle Group jumped 7.2%.

Reuters had reported, citing sources, that Evergrande is in talks to sell stakes in its electric vehicle and property management businesses — China Evergrande New Energy Vehicle Group and Evergrande Property Services Group respectively.

Shares of South Korean game developer Krafton slumped as much as 17% from its IPO price on its market debut, according to Refinitiv Eikon data. Krafton, the game maker behind the blockbuster game PUBG, later pared some of those losses but still closed nearly 9% lower.

Shares of companies related to South Korean conglomerate Samsung declined on Tuesday. Shares of Samsung Electronics slipped 1.6% while Samsung C&T fell 2.1%. Samsung Life Insurance slipped 0.52% and Samsung SDS dropped 2.4%.

South Korea’s justice ministry announced Monday that the firm’s heir Jay Y. Lee is set to be released on parole later this week, according to Reuters.

The Australian dollar changed hands at $0.7339, below levels above $0.735 seen yesterday.

CHINA

Mainland Chinese stocks closed higher on Tuesday. In Shanghai, the CSI 300 gained 57.59 points, or 1.2%, to 5,043.15.

Still, a widening COVID resurgence in China will be monitored by markets as the country reported more infections this week, and cities embarked on mass testing.

In other markets

In Singapore, the Straits Times Index returned from holiday to jump 30.18 points, or 1%, to 3,207.36.

The Kospi index in Korea dipped 17.23 points, or 0.5%, to 3,243.19.

In Taiwan, the Taiex index subtracted 161.51 points, or 0.9%, to 17,323.64

In New Zealand, the NZX 50 zoomed 63.4 points, or 0.5%, to 12,764.23.

In Australia, the ASX 200 added 24.15 points, or 0.3%, at 7,562.56.