China stocks post biggest intraday fall in nearly a month as EV stocks drag

China shares closed lower on Wednesday, posting the biggest intraday loss in nearly a month, as electric vehicle stocks fell on news of a government investigation into the sector. ** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.56%, while Japan's Nikkei index closed up 0.5%.

China shares closed lower on Wednesday, posting the biggest intraday loss in nearly a month, as electric vehicle stocks fell on news of a government investigation into the sector. ** At the close, the Shanghai Composite index was down 1.19% at 3,362.33, the biggest slump within a day since Oct. 30. ** The blue-chip CSI300 index was down 1.28%, with its new energy vehicle sector sub-index lower by 2.16%, the consumer staples sector down 2.52% and the healthcare sub-index down 2.16%.

** Its financial sector sub-index was lower by 0.25% while the real estate index slipped 0.19%. ** The smaller Shenzhen index ended down 1.65% and the start-up board ChiNext Composite index was weaker by 2.216%. ** China's state planner has told local governments to investigate new energy vehicle projects linked to property developers Evergrande Group and Shenzhen Baoneng, according to a document seen by Reuters. ** Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.56%, while Japan's Nikkei index closed up 0.5%. ** At 07:03 GMT, the yuan was quoted at 6.5847 per U.S. dollar, 0.13% firmer than the previous close of 6.593.