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China shares fall as high valuations drain out power from EV stocks

03/01/2022 | 11:54pm EST

* SSEC -0.4%, CSI300 -1.1%, HSI -1.1%

* Energy firms gain as oil prices rise above $110

* Biden bans Russian flights using American airspace

SHANGHAI, March 2 (Reuters) - China shares fell on Wednesday with new-energy vehicle makers leading losses as investors dumped equities with high valuations amid worries over the impact of aggressive sanctions imposed against Russia. ** At the midday break, the Shanghai Composite index was down 0.41% at 3,474.45 points and China's blue-chip CSI300 index fell 1.05%.

** Leading the losses, the new-energy vehicle sector sub-index lost 2.11% and the CSI300 Industry fell 1.73%.

** The start-up board ChiNext Composite index slumped 2%, dragged lower by battery manufacturing heavyweight CATL , which lost 4.27%.

** The smaller Shenzhen index was down 0.84% and Shanghai's tech-focused STAR50 index slumped 1.09%.

** Chinese H-shares listed in Hong Kong fell 0.87% to 7,983.35 and the Hang Seng Index was down 1.07% at 22,518.18.

** Oil refiners bucked the sombre mood with the CSI Energy gaining 1.3% after oil prices surged past $110 per barrel. The sub-index of the Hang Seng Index, which tracks energy shares, rose 2.4%.

** U.S. President Joe Biden banned Russian flights using American airspace during his State of the Union speech on Tuesday, in which he also said Russian President Vladimir Putin would "pay a continuing high price over the long run" for the invasion of Ukraine.

** Hong Kong-listed shares of Russian aluminium producer OK Rusal plunged nearly 30% on Wednesday, hitting the lowest since November 2020 after miner and trader Glencore said it is reviewing all its business activities in Russia, including equity stakes in aluminium.

** Property shares and financial firms led losses in Hong Kong with the financial sector sub-index falling 2.04% while the property sector lost 1.21%. ** Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.52% while Japan's Nikkei index was down 1.83%. ** The yuan was quoted at 6.3127 per U.S. dollar, 0.02% weaker than the previous close of 6.3113.

(Reporting by Shanghai Newsroom; Editing by Sherry Jacob-Phillips)

ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / CHINESE YUAN RENMINBI (AUD/CNY) 0.16% 4.685996 Delayed Quote.1.09%
BRENT OIL -2.96% 77.31 Delayed Quote.6.41%
BRITISH POUND / CHINESE YUAN RENMINBI (GBP/CNY) 0.30% 8.508077 Delayed Quote.-1.30%
CANADIAN DOLLAR / CHINESE YUAN RENMINBI (CAD/CNY) -0.38% 5.1036 Delayed Quote.1.94%
CHANGZHOU TENGLONG AUTOPARTSCO.,LTD. -0.78% 7.61 End-of-day quote.-35.43%
CNOOC LIMITED -1.00% 9.94 Delayed Quote.25.03%
CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED 4.57% 418.31 End-of-day quote.-28.86%
DALI PHARMACEUTICALCO.,LTD 2.11% 14.99 End-of-day quote.69.57%
EURO / CHINESE YUAN RENMINBI (EUR/CNY) 0.01% 7.3212 Delayed Quote.1.16%
GLENCORE PLC -2.84% 540.3 Delayed Quote.48.31%
HENGLI PETROCHEMICAL CO.,LTD. -1.48% 17.25 End-of-day quote.-24.90%
HONG KONG HANG SENG -3.22% 18814.82 Delayed Quote.-16.91%
INDIAN RUPEE / CHINESE YUAN RENMINBI (INR/CNY) -0.12% 0.084754 Delayed Quote.-0.35%
JIANGSU HOLLY CORPORATION 0.00% 8.29 End-of-day quote.11.88%
JIANGSU LIDAO NEW MATERIALS CO., LTD. 0.08% 12.82 End-of-day quote.15.81%
JIANGYIN HENGRUN HEAVY INDUSTRIES CO., LTD -2.13% 26.25 End-of-day quote.-36.12%
KUAISHOU TECHNOLOGY -2.83% 61.85 Delayed Quote.-14.16%
MEITUAN INC. -3.62% 167.5 Delayed Quote.-22.89%
NIKKEI 225 -0.72% 27686.4 Real-time Quote.-3.15%
S&P GSCI ALUMINUM INDEX -0.91% 157.0637 Real-time Quote.-11.12%
S&P/CITIC 300 INDEX -0.23% 3617.5 Real-time Quote.-19.26%
S&P/CITIC 50 INDEX -0.11% 3450.02 Real-time Quote.-17.69%
SHENZHEN STOCK EXCHANGE A SHARE INDEX 0.15% 2166.66 Real-time Quote.-18.29%
SUNAC CHINA HOLDINGS LIMITED -5.18% 4.58 Delayed Quote.-61.12%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.16% 6.9658 Delayed Quote.9.64%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) -0.33% 6.9702 Delayed Quote.9.59%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.24% 62.547 Delayed Quote.-17.77%
WTI -2.61% 72.482 Delayed Quote.2.68%
XINYI GLASS HOLDINGS LTD. -1.74% 14.64 Delayed Quote.-23.59%
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