South Korea’s broader Kospi slumped 0.62%.
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 was still more than 12% lower in Tuesday afternoon trade.
Shares of companies related to South Korean conglomerate Samsung declined in Tuesday afternoon trade. Shares of Samsung Electronics slipped 1.47% while Samsung C&T fell 1.75%. Samsung Life Insurance slipped 0.52% and Samsung SDS dropped 2.41%.
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.
· Chinese stocks subdued on Covid fears
Mainland Chinese stocks were subdued by Tuesday afternoon. The Shanghai composite fell 0.14% while the Shenzhen component declined 0.344%.
Worries over a widening Covid resurgence in China continued to weigh on sentiment as China reported more infections this week, and cities embarked on mass testing.
Hong Kong’s Hang Seng index edged 0.29% higher.
Shares of Evergrande Property Services, an arm of indebted Chinese developer China Evergrande, soared around 11.87%. China Evergrande New Energy Vehicle Group jumped around 4%.
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.
In other markets, the Nikkei 225 in Japan gained about 0.1% while the Topix index advanced 0.27%. Australia’s S&P/ASX 200 climbed 0.07%.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.04%.
The pan-European Stoxx 600 climbed 0.3% in early trade, with travel and leisure stocks adding 1.8% to lead gains as most sectors and major bourses entered positive territory.
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