China stocks rise on realty, coal shares boost

10/21/2021 | 03:47am

SHANGHAI, Oct 21 (Reuters) - China stocks closed higher on Thursday as property and coal shares rebounded, after assurances from officials eased worries over the real estate sector.

The blue-chip CSI300 index rose 0.4% to 4,928.02 points, while the Shanghai Composite Index gained 0.2% to 3,594.78 points.

** Property firms surged 3.8%, snapping six straight sessions of decline, as investors bought the dip.

** More Chinese officials sought to reassure investors and homeowners on Wednesday over a debt crisis afflicting the country's property sector.

** Vice Premier Liu He told the Financial Street Forum in Beijing that overall risks in the property market are controllable, and the property market is on track for healthy development, state media Xinhua reported.

** Banks, big creditors of the real estate sector, rose more than 2%.

** The market has expectations for policy easing amid downside economic pressure, and investors tend to buy undervalued blue-chips such as financials shares, Yanbin Zhang, an analyst at Zheshang Securities said.

** A sub-index tracking coal stocks jumped 4.1%, following a 7.5% slump in the previous session as China vowed to take all necessary measures to bring high coal prices back to a reasonable range.

** Semiconductor and new energy stocks lost more than 1.4% each. (Reporting by Shanghai Newsroom; Editing by Vinay Dwivedi)

© Reuters 2021
Copier lien
Latest news about "Economy & Forex"
12m ago
1h ago
2h ago
2h ago
3h ago