Shanghai stocks boosted by environmental protection firms; property stocks down

Shanghai shares rose on Monday, led by environmental protection stocks on China's measures to achieve carbon neutrality, while property firms fell after a report said the government would roll out a pilot real estate tax in some regions.


Reuters | Shanghai | Updated: 25-10-2021 10:56 IST | Created: 25-10-2021 10:36 IST
Shanghai stocks boosted by environmental protection firms; property stocks down
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Shanghai shares rose on Monday, led by environmental protection stocks on China's measures to achieve carbon neutrality, while property firms fell after a report said the government would roll out a pilot real estate tax in some regions. The Shanghai Composite Index gained 0.4% to 3,596.06, while the CSI300 index was unchanged at 4,958.03 by the end of the morning session.

The Hang Seng index rose 0.1% to 26,150.24. The Hong Kong China Enterprises Index lost 0.2% to 9,335.02. ** Real estate firms lost 2.9%. The official Xinhua news agency said the State Council, or Cabinet, would determine which regions will be involved in the pilot real estate tax and other details.

** "The authorities have shown little determination to wean the Chinese economy off its dependence on real estate investment and the property market anytime soon," Citi said in a note, adding a nationwide property tax would have to wait for another five years. ** The environmental protection industry index and the new energy index jumped more than 3.8% each.

** China's cabinet on Sunday outlined measures to achieve its goals of reaching peak carbon emissions by 2030 and carbon neutrality before 2060. ** An index tracking coal stocks surged 3.6%.

** China's state planner said on Monday it has urged coal companies to strictly perform their contractual obligations as it continues to take measures to boost supplies and steady soaring prices. ** Analysts say coal supply shortages are likely to persist for at least another few months.

** In Hong Kong, energy stocks and the power-intensive materials sector gained more than 1% each. ** Wuxi Biologics went up 4.2%, making it the biggest gainer on the Hang Seng Index.

** Property firms lost 1.3%. ** Debt-ridden China Evergrande Group added 0.4%, while Evergrande's EV unit jumped nearly 14%.

** Evergrande Chairman Hui Ka Yan said on Friday the company would aim to make its new electric vehicle venture its primary business instead of property within 10 years.

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

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