China stocks fall as coal firms slump; Hong Kong down

China stocks fell on Wednesday, led by coal firms after Beijing's latest move to address skyrocketing coal prices, while environmental protection-related shares rose on the country's plans to hit a carbon emission peak before 2030.


Reuters | Shanghai | Updated: 27-10-2021 10:26 IST | Created: 27-10-2021 10:21 IST
China stocks fall as coal firms slump; Hong Kong down
Representative image Image Credit: ANI
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China stocks fell on Wednesday, led by coal firms after Beijing's latest move to address skyrocketing coal prices, while environmental protection-related shares rose on the country's plans to hit a carbon emission peak before 2030. The CSI300 index fell 1.2% to 4,901.93 by the end of the morning session, while the Shanghai Composite Index lost 0.9% to 3,564.71.

The Hang Seng index dropped 1.5% to 25,642.01. The Hong Kong China Enterprises Index lost 1.8% to 9,095.77. ** The coal sub-index and the energy sub-index lost 3.5% and 2.4%, respectively.

** China said it will conduct "clean up and rectification" work on coal storage sites in some coal-producing areas and ban storage sites without approvals in its latest move to address skyrocketing coal prices. ** The environmental protection industry index, the new energy index, and the new energy vehicles index went up more than 1.5% each.

** China will take action to reduce waste, promote renewables and unconventional fuel, and reform its electricity network as part of its plan to bring carbon emissions to a peak before 2030, China's cabinet said on Tuesday. ** Tech giants and healthcare firms listed in Hong Kong dragged the city's benchmark lower.

** The Hang Seng Tech Index and the Hang Seng Healthcare Index slumped more than 3% each. ** Two-year U.S. Treasury yields leaped to a 19-month high, potentially draining liquidity from emerging markets.

** Analysts said the announcement of Fed tapering next week is pretty much a done deal - markets have moved past tapering and are focused on tightening. ** Separately, China will ask underage users to submit personal details of their guardians as it looks to overhaul rules for registering online accounts under real names, and demand more verification checks by platforms.

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

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