SHANGHAI: 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.
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