China stocks rise as property and coal shares boost; HK down


The Shanghai Composite Index gained 0.5% to 3,603.62 points.

SHANGHAI: China stocks rose on Thursday as property and coal shares rebounded, after assurances from officials eased worries over the real estate sector.

The CSI300 index rose 0.4% to 4,927.45 points at the end of the morning session, while the Shanghai Composite Index gained 0.5% to 3,603.62 points.

The Hang Seng index dropped 0.3%, to 26,060.26 points. The Hong Kong China Enterprises Index gained 0.3%, to 9,301.90.

** Property firms surged 3.4%, snapping six straight sessions of decline - 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.

** Financials shares rose more than 2%.

** A sub-index tracking coal stocks jumped 6.3%, following a 7.5% slump in previous session as China vowed to take all necessary measures to bring high coal prices back to a reasonable range.

** In Hong Kong, healthcare and consumption stocks dragged the benchmark.

** The healthcare sub-index and consumer staples shed 2.2% and 1.1%, respectively.

** The real estate sector added more than 2% on assurances from officials.

** However, China Evergrande Group slid as much as 14% in resumed trade on Thursday after a deal to sell a $2.6 billion stake in its property services unit fell through.

** Ping An Insurance Group jumped more than 7%, the biggest intraday gainer on the Hang Seng Index, after it reported net profit for the first three quarters rose more than 30% year on year. - Reuters

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