China’s Stocks Slump As New Energy And Agricultural Firms Weigh

SHANGHAI, Nov 24 (Reuters) – China stocks slipped on Wednesday as new energy and agriculture companies weighed, while improving sentiment in the real estate sector underpinned developers’ shares.

The CSI300 index (.CSI300) was unchanged at 4,911.81 points at the end of the morning session, while the Shanghai Composite Index (.SSEC) lost 0.1%, to 3,585.65 points.

The Hang Seng index (.HSI) dropped 0.1%, to 24,635.86 points. The Hong Kong China Enterprises Index (.HSCE) lost 0.6%, to 8,773.18.

** New energy stocks (.CSI399808) lost 1.9%. The index has risen 60% year to date amid China’s carbon-neutral goal, and analysts had flagged risks of adjustments in overvalued shares.

** Agriculture shares (.CSI000809) dropped 2.2%, with pig farming companies leading the drop.

** Food & beverage (.CSI000815) gained 1.9%, while liquor makers (.CSI399997) surged 2.8%.

** Real-estate developers (.CSI000952) extended gains from the previous session on improving sentiment after some banks were told by financial regulators to issue more loans to property firms for project development. read more

** Hong Kong’ benchmark index (.HSI) remained nearly unchanged, as losses in tech firms offset by gains in insurer AIA.

** Xiaomi Corp (1810.HK) slumped nearly 7% after it reported a smaller-than-expected 8.2% rise in third-quarter revenue as smartphone sales growth stalled amid intensifying competition from rivals. read more

** Alibaba Group (9988.HK) extended losses on lingering worries over its disappointing revenue and outlook, down 1.4% to HK$131.1, a record low in the Hong Kong market.

** Insurance firm AIA Group (1299.HK) rose 3.8%, the biggest percentage gainer on the Hang Seng Index (.HSI).

Source: Reuters

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