Shanghai stocks fall as coal shares drag; Hong Kong rebounds

  • 9/17/2021
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SHANGHAI, Sept 17 (Reuters) - Shanghai stocks fell on Friday, with coal companies leading the declines, while China’s blue-chips edged higher. The Hong Kong market rebounded, led by tech and healthcare shares. The CSI300 index rose 0.3% to 4,820.76 at the end of the morning session, while the Shanghai Composite Index lost 0.6% to 3,585.71. The Hang Seng index added 0.4% to 24,765.45. The Hong Kong China Enterprises Index gained 0.9% to 8,885.08. ** A sub-index tracking coal stocks plunged 7%, their biggest daily decline since February 2020. ** China’s leading coal industry associations called on top miners on Thursday to ensure thermal coal supplies to help stabilise surging prices, at a time when the country’s environment ministry said China plans to include more cities in its 2021 winter air pollution campaign. ** Investors bought the dips in the battered real estate sector, which rebounded 2% after falling for three straight sessions on China Evergrande Group’s debt crisis. ** Goldman Sachs, JPMorgan warned Evergrande’s crisis could pose spillover risks to the broader Chinese property sector. ** The healthcare sub-index and the consumer staples gained 3.4% and 1.6%, respectively. ** In Hong Kong, the benchmark rebounded after posting its lowest close in 10 months the day before, as the saga around China Evergrande Group lurched towards a conclusion, unsettling investors. ** Shares of Evergrande extended falls for the fifth consecutive session, slumping 11.8% to HK$2.32, their lowest in nearly ten years. ** The Hang Seng Property Index and the Hang Seng Finance Index went down 0.9% and 1.5%, respectively. ** The Hang Seng Tech Index jumped 2.9% after losing 1% in previous session. Internet giants Tencent Holdings , Alibaba Group, and Meituan gained 2.2%, 1.7%, and 3.7%, respectively. ** The healthcare sub-index surged 4.2%, and Alibaba Health Information Technology and Wuxi Biologics are the top two daily gainers on the Hang Seng Index. (Reporting by Shanghai Newsroom)

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