Coal miners pull China stocks lower as Beijing tigtens measures to rein in prices

China stocks closed lower on Friday, dragged down by coal miners amid China's intensive measures to rein in coal prices and boost production, while property firms dropped after a developer said its unit had missed a payment on a wealth management product.

China stocks closed lower on Friday, dragged down by coal miners amid China's intensive measures to rein in coal prices and boost production, while property firms dropped after a developer said its unit had missed a payment on a wealth management product. The blue-chip CSI300 index fell 0.5% to 4,842.35, while the Shanghai Composite Index lost 1% to 3,491.57.

** For the week, the CSI300 index dropped 1.4% while the Shanghai Composite Index shed 1.6%, both logging their biggest weekly decline in seven weeks. ** Coal miners slumped 4.4%, as China's state planner published seven statements in the past two days showing recent coal production and its efforts in reining in prices.

** It said China's daily coal output is close to a record high this year amid a raft of measures. ** Real estate firms lost 2.1%, as concerns about a liquidity crisis in the property sector grew after developer Kaisa Group Holdings Ltd said its finance unit had missed a payment on a wealth management product.

** The media sub-index gained 2.3%, boosted by shares related to "metaverse" - a shared virtual environment that Facebook bets will be the successor to the mobile internet. ** With Facebook changing its name to Meta and other tech giants exploring business in metaverse, Huaan Securities expects online gaming stocks would benefit.

** Citic Securities said there is no standard definition of metaverse, but they expect it will become the next generation of internet in the coming 20 years.

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