HSI Cascades 89 pts; CN Homebuilders Rise vs Weak Mkt

Hong Kong stocks swooned this morning, mirroring the softness in the external markets. At open, $Hang Seng Index (800000.HK)$ waned 89 pts or 0.5% to 17,795; $Hang Seng China Enterprises Index (800100.HK)$ fell 35 pts or 0.6% to 6,146; $Hang Seng TECH Index (800700.HK)$ slumped 34 pts or 0.9% to 3,887.

Chinese developers broadly ascended as Guangzhou became the first first-tier city to officially announce the relaxation of home purchase restrictions. $EVERGRANDE (03333.HK)$ and $KWG GROUP (01813.HK)$ elevated 4% each. $CHINA OVERSEAS (00688.HK)$ and $SUNAC (01918.HK)$ rose 0.9% and 0.8% respectively.

An announcement from the Shenzhen Stock Exchange showed that seven onshore bonds of $COUNTRY GARDEN (02007.HK)$ have been approved for extension by creditors. COUNTRY GARDEN opened the session flat at $1.02.