SHANGHAI: Shanghai shares slipped on Friday, dragged 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 Shanghai Composite Index lost 0.2% to 3,518.57, while the CSI300 index rose 0.2% to 4,877.45 by the end of the morning session.
The Hang Seng index dropped 1% to 24,985.05. The Hong Kong China Enterprises Index lost 0.8% to 8,883.04.
** Coal miners fell 3%, 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%, 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 3.4%, 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 gaming stocks would benefit.
** Banking and financial services company HSBC Holdings and tech giants weighed on the Hong Kong market.
** Hong Kong shares of HSBC slumped 5.2%, the biggest percentage decliner on the benchmark Hang Seng Index.
** The heavyweight dragged the benchmark index down 100 points after the Bank of England decided to keep interest rates unchanged. Financials and banking stocks tend to benefit from higher interest rates.
** The Hang Seng Tech Index dropped 0.8%, with constituents Alibaba Group and Tencent Holdings down more than 2% each.
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