- China's blue-chip CSI300 index rose 0.3% in morning trade, but the Shanghai Composite Index fell 0.4%
SHANGHAI: China stocks were a mixed bag on Wednesday, with coal miners falling and consumer stocks gaining, as Evergrande's woes and a domestic power crunch continue to haunt the market.
Better-than-expected domestic trade data helped offset concerns of slowing growth after the International Monetary Fund (IMF) trimmed China's 2021 growth forecast by 0.1 points, citing a faster-than-expected scaleback of public investment spending.
China's blue-chip CSI300 index rose 0.3% in morning trade, but the Shanghai Composite Index fell 0.4%.
Hong Kong markets were suspended from trading due to a typhoon.
The CSI300 Real Estate Index dropped 1.6% amid signs Evergrande's debt crisis is rippling through the industry, hitting more Chinese developers.
"Evergrande's debt issue has put China's property sector in the spotlight again," said Zhang Xiaodong, fund manager of Schroders' Shanghai asset management subsidiary.
"China's power shortage is also in focus, and is dealing a blow to the market," Zhang said, predicting short-term economic headwinds.
China's coal subindex tumbled roughly 7% to its lowest level in six weeks on signs the government is taking measures to boost supply, potentially cooling prices.
Hengyuan Coal, Tianan Coal, and Huolinhe Coal plunged 10%, the most allowed within a trading day.
Coal shares, which had jumped on record prices of the fuel, are down roughly 20% from their Sept. 6 peak.
China's energy index also plunged, down nearly 6% by midday. Oil giant PetroChina dropped 5.2%.
However, consumer-related stocks gained 1.6%.
An index tracking food & beverage stocks jumped 2.8%. Top spirit maker and index heavyweight Kweichow Moutai Co rose 3% to touch a two-and-a-half-month high.