Coal miners drag Shanghai stocks to 2-month low
Shanghai stocks finished at their lowest in more than two months on Thursday, led by coal miners as Beijing stepped up efforts to tame coal prices. The blue-chip CSI300 index fell 0.7%, to 4,864.14, while the Shanghai Composite Index lost 1.2% to 3,518.42 points.
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Shanghai stocks finished at their lowest in more than two months on Thursday, led by coal miners as Beijing stepped up efforts to tame coal prices.
The blue-chip CSI300 index fell 0.7%, to 4,864.14, while the Shanghai Composite Index lost 1.2% to 3,518.42 points. ** Coal firms extended losses, down nearly 7% on the day, amid China's intensifying efforts to cool surging coal prices.
** China's state planner has met coal producers and the sector's industry association in the past two days to study standards and discuss measures to intervene in coal prices. ** The energy sub-index and the resource industries sub-index tumbled 5.8% and 4.6%, accordingly.
** But consumption stocks rose, with consumer staples and liquor makers up more than 0.6%. ** The coal mining sector is likely to remain volatile as the policy direction of taming coal prices is becoming clearer, Shanxi Securities said in a note.
** It said there are some opportunities in the undervalued sectors like consumer electronics, food and beverage and healthcare. ** Real estate firms declined for a fourth straight session and lost 2.3%, as concerns over a planned real estate tax scheme lingered.
** Chinese developer Oceanwide Holdings Co Ltd said holders of corporate debt issued by two of its offshore units have taken possession of the debt's collateral after the units failed to repay the maturing notes, the latest illustration of financial strains on Chinese developers. ** Separately, China will defer some taxes for manufacturing firms for three months from November due to the impact of high raw material prices and rising production costs, the country's cabinet said.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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