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China Evergrande : shares end lower as materials weigh; property sector down

09/24/2021 | 03:39am

* SSEC -0.8%, CSI300 -0.08%

* Materials sector drop outweighs gains in consumer staples

* Property sector dips as China Evergrande misses bond payment

SHANGHAI, Sept 24 (Reuters) - China shares fell on Friday as losses in materials firms outweighed gains in consumer staples, while the property sector fell amid investor concerns over a missed bond payment by developer China Evergrande Group. ** At the close, the Shanghai Composite index was down 0.8% at 3,613.07 points. ** The blue-chip CSI300 index fell 0.08%, with the materials sector down 3.97%, the financial sector 0.86% lower and real estate firms down 0.84%. ** China's cabinet pledged this week to roll out policies to boost consumption and use more market-based measures to stabilise commodity prices, while the state planner on Friday called on state companies to provide sufficient power supply to fertiliser producers amid soaring prices.

** The consumer staples sector ended the day up 3.55%. ** Weakness in property firms came as a bond interest payment deadline for Hong Kong-listed developer China Evergrande Group expired with bondholders reporting they had not been paid. ** The smaller Shenzhen index ended down 0.64% and the start-up board ChiNext Composite index was higher by 0.797%. ** Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.31%, while Japan's Nikkei index closed up 2.06%. ** At 07:00, the yuan was quoted at 6.4619 per U.S. dollar, 0.03% weaker than the previous close of 6.46. ** So far this year, the Shanghai stock index is up 4% and the CSI300 has fallen 6.9%, while China's H-share index listed in Hong Kong is down 19.7%. Shanghai stocks have risen 1.95% this month.

(Reporting by Andrew Galbraith; editing by Philippa Fletcher)

© Reuters 2021
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