China bluechips fall as consumer staples weigh; Hong Kong gains

  • 12/15/2021
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Chinese blue-chip shares declined on Wednesday, as resurgent COVID-19 cases weighed on the consumer sector, while Shanghai stocks edged higher, lifted by construction-related companies. The CSI300 index (.CSI300) fell 0.3% to 5,034.67 at the end of the morning session, while the Shanghai Composite Index (.SSEC) gained 0.1% to 3,664.19. The Hang Seng index (.HSI) added 0.2% to 23,684.94. The Hong Kong China Enterprises Index (.HSCE) lost 0.1% to 8,411.40. ** China"s factory output grew faster than expected in November, supported by stronger energy production and a moderation in raw material prices, but retail sales slowed as new COVID-19 outbreaks hit the world"s second-largest economy. read more ** China"s central bank injected funds into the financial system through medium-term loans, while keeping the interest rate unchanged for the 20th straight month. read more ** Consumer staples (.CSICS) lost 1.4% amid resurgent COVID-19 cases and China"s zero-tolerance policy that hurt domestic consumption. The latest outbreak has disrupted activities in parts of China"s biggest manufacturing hubs. read more ** Healthcare companies (.CSIHCSI) retreated 0.8%, with biotech firm BeiGene Ltd plunging nearly 13% in its Shanghai debut. read more ** The construction engineering subindex (.CSI399995) surged 2.6%. China will promote southwestern Chengdu-Chongqing "twin city" region with total investment of about 2 trillion yuan ($314.2 billion) next year. ** Chinese real estate developers listed in mainland (.CSI000952) and Hong Kong (.HSMPI) rebounded around 1.3% each, after both indexes slumped in previous session as woes in property developer Shimao Group (0813.HK) rekindled worries in China"s property sector. read more ** Coal miners (.CSI000820) gained 1.9% after China"s coal output hit a record high in November. read more ** Hong Kong"s benchmark Hang Seng Index (.HSI) edged up as index heavyweight Alibaba Group (9988.HK) rose 3.4%, the biggest point contributor to the gauge. ** However, the Hang Seng Tech Index (.HSTECH) lost 0.5%, with Meituan (3690.HK) down 1%. ** Developer Shimao Group (0813.HK) extended losses to a fourth session, down 2.5% at the noon break. read more Reporting by Shanghai Newsroom; Editing by Rashmi Aich Our Standards: The Thomson Reuters Trust Principles.

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