Adani shares volatile as group rebuts short-seller report, Chinese stocks head for bull market
Stocks in the Asia-Pacific mostly fell on Monday as shares of Adani Group remained volatile after the conglomerate rebutted short seller firm Hindenburg’s accusations of embezzlement and fraud.
India’s Nifty 50 Index traded 0.3% lower after hitting three-month lows on last week’s rout of Adani shares.
Mainland Chinese markets rose on resuming trade after a week-long New Year break and are headed for a bull market — the CSI 300, which tracks the largest mainland-listed stocks, have gained about 20% from its recent lows seen at the end of October last year.
The Shenzhen Component rose 1% and the Shanghai Composite rose 0.42%, bucking the trend in the wider region. Hong Kong’s Hang Seng index traded 2.37% as property and technology stocks led losses.
In Japan, the Nikkei 225 gained 0.2% while the Topix was just below the flatline. South Korea’s Kospi fell 1.26% while the Kosdaq also shed 0.38%.
The S&P/ASX 200 in Australia fell 0.16%. Investors also digested trade data from New Zealand.
Stocks on Wall Street ended the week last Friday higher, fueled by gains in Tesla shares and a better-than-expected GDP report on Thursday. All major averages posted a positive week and are on pace for a month of gains.
— CNBC’s Samantha Subin, Carmen Reinicke contributed to this report
Adani Enterprises tick up while group affiliates continue plunge
Shares of Adani Enterprises rose 10% after seeing sharp-losses in the previous sessions as its Chief Financial Officer voiced confidence in its follow-on public offering that is slated to close on Jan. 31.
The stock is is still down more than 20% in the first month of the year.