SSEC -0.13%, CSI300 -0.37%, HSI flat
Consumer staple firms, industrials drop
NEV companies fall sharply for second day
SHANGHAI, Nov 26 (Reuters) – China’s benchmark stock index slipped on Thursday, weighed down by consumer staples and industrial firms, while new-energy vehicle (NEV) shares extended their fall over news of probes by local governments into their projects.
** At the midday break, the Shanghai Composite index .SSEC was down 0.13% at 3,358.01 points.
** China’s blue-chip CSI300 index .CSI300 was down 0.37%, with the consumer staples sector .CSI000912 down 0.38%, the real estate index .CSI000952 down 0.58% and the healthcare sub-index .CSI300HC down 0.88%.
** Industrial firms .CSI000910 fell 0.83%, but Huaitai Securities analysts said overall domestic demand remains strong despite some moderation in high-frequency indexes since October.
** “Although there has been a marginal weakening of production activity since mid-November, many indexes including transactions, prices and inventories reflect terminal demand remains relatively strong,” they said.
** The new energy vehicle sub-index .CSI399976 fell 2.51%, on top of a 2.16% drop a day earlier on news that China’s state planner has told local governments to investigate new energy vehicle (NEV) projects linked to property developers Evergrande Group 3333.HK and Shenzhen Baoneng.
** Chinese H-shares listed in Hong Kong .HSCE rose 0.6% to 10,621.14, but the Hang Seng Index .HSI was barely higher at 26,672.52.
** The smaller Shenzhen index .SZSC was down 0.73%, the start-up board ChiNext Composite index .CNT was weaker by 0.52% and Shanghai’s tech-focused STAR50 index .STAR50 was down 0.3%.
** Around the region, MSCI’s Asia ex-Japan stock index .MIAPJ0000PUS was weaker by 0.57% while Japan’s Nikkei index .N225 was up 0.54%.
** The yuan CNY=CFXS was quoted at 6.568 per U.S. dollar, 0.18% stronger than the previous close of 6.58.
** So far this year, the Shanghai stock index is up 10.1% and the CSI300 has risen 19.4%, while China’s H-share index listed in Hong Kong is down 4.9%. Shanghai stocks have risen 4.14% this month.
(Reporting by Andrew Galbraith; Editing by Vinay Dwivedi)
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