China blue-chips edges up as coal, real estate stocks gain

Chinese blue-chip companies edged up on Monday, as coal firms were lifted by supply fears and real estate shares gained on some cities' planned supportive measures. ** The blue-chip CSI300 index rose 0.1% to 4,936.19, while the Shanghai Composite Index ended flat at 3,591.71 points. ** The coal sub-index surged 4.1% amid short supply, which led to China's worst power crunch in years.


Reuters | Shanghai | Updated: 11-10-2021 13:09 IST | Created: 11-10-2021 13:07 IST
China blue-chips edges up as coal, real estate stocks gain
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Chinese blue-chip companies edged up on Monday, as coal firms were lifted by supply fears and real estate shares gained on some cities' planned supportive measures. ** The blue-chip CSI300 index rose 0.1% to 4,936.19, while the Shanghai Composite Index ended flat at 3,591.71 points.

** The coal sub-index surged 4.1% amid short supply, which led to China's worst power crunch in years. ** China has ordered its two top coal regions to boost output and will allow coal-fired power utilities to charge customers higher prices.

** Citic Securities said it would take time for the measures to take effect and estimated the supply crunch situation is hard to be reversed this year. ** Real estate firms and banks gained more than 2% each.

** Harbin has become one of the first cities in China to announce measures to support property developers and their projects, and analysts expected some other cities will follow suit. ** A sub-index tracking defense stocks rose 1.9%.

** Chinese President Xi Jinping vowed on Saturday to achieve "peaceful reunification" with Taiwan, while the Chinese-claimed island responded by calling on Beijing to abandon its coercion. ** Talks between Indian and Chinese military commanders to resolve a protracted standoff on a stretch of the disputed Himalayan border have broken down, with both sides blaming each other on Monday.

** The environmental governance sub-index lost 3.4%, while the construction engineering sub-index shed 2.8%.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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