HONG KONG, Oct 4, 2021 (BSS/AFP) - Hong Kong stocks plunged Monday on

concerns about the potential collapse of troubled property giant China
Evergrande after the firm suspended trading in its shares, though most other
markets in Asia rose after a strong lead from Wall Street.

  The crisis at Evergrande, which is drowning in a sea of debt worth more
than $300 billion, has roiled markets in recent weeks on fears that its
failure could spill over into the wider Chinese economy and possibly further.

  The company gave no reason for its suspension but said in a statement to
the Hong Kong exchange that "all structured products relating to the Company
will also be halted from trading at the same time".

  Hong Kong stocks, already under pressure owing to concerns about China's
crackdown on a range of industries including tech firms and casinos, sank
more than two percent.

  Tokyo fell one percent as traders there await a vote in Japan's parliament
to approve Fumio Kishida as the country's next prime minister, with the new
leader expected to announce a cabinet.

  Taipei also fell, though there were gains in Sydney, Singapore, Wellington,
Manila and Jakarta. Shanghai and Seoul were closed for public holidays.

  Global markets endured a torrid September owing to growing concerns about
inflation, spiking virus infections that are hobbling the economic recovery,
and political gridlock in Washington that is pushing the United States
towards a financially catastrophic debt default.

  Meanwhile, Democrats continue to bicker among themselves over Joe Biden's
multi-trillion-dollar infrastructure and social care spending bill, leaving
it in limbo.

  The Federal Reserve's plan to wind down its ultra-loose monetary policy and
indications that it could hike interest rates as soon as next year have added
to the gloom.

  The release of US jobs data on Friday will be closely watched for a fresh
idea about the health of the world's biggest economy, with a strong reading
likely putting pressure on the Fed to act sooner than later.

  "Markets enter the fourth quarter navigating what is perhaps the most
uncertain environment of the year," said Julian Emanuel, a strategist at
brokerage BTIG. "The end of 2021 is shaping up to be interesting indeed."

  Oil dipped ahead of a meeting between OPEC and its key allies to decide
whether to ramp up oil production in a bid to calm overheated global energy
prices.