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China shares rise as coal firms gain on factory-gate inflation data

06/09/2021 | 12:54am EDT

* SSEC +0.4, CSI300 +0.2%, HSI -0.07%

* China May PPI +9% y/y, fastest pace in over 12 years

* U.S. Senate passes sweeping bill to address China tech threat

BEIJING, June 9 (Reuters) - China shares rose on Wednesday, driven by coal and resource firms, as factory-gate prices rose at their fastest annual pace indicating that global economic recovery has picked up pace, but concerns about curbs on commodity prices capped gains. ** At the midday break, the Shanghai Composite index was up 0.4% at 3,594.53 and the blue-chip CSI300 index was up 0.21%. ** Leading the gains, its sub-index tracking energy firms including coal minders surged 3.62% while the resource sector gained 1.46%.

** Consumer staples sector was up 0.73%, the healthcare sub-index rose 0.52% while the real estate index was down 0.63%. ** Chinese H-shares listed in Hong Kong fell 0.12% to 10,716.78, while the Hang Seng Index was down 0.07% at 28,762.26. ** The smaller Shenzhen index was up 0.38%, the start-up board ChiNext Composite index was higher by 0.28% and Shanghai's tech-focused STAR50 index was up 0.98%.

** China's factory gate prices rose at their fastest annual pace in over 12 years in May, driven by surging commodity prices, adding to global price pressures at a time when policymakers are trying to revitalise growth following the COVID-19-induced slump.

** Though China's producer price index (PPI) would likely peak soon, the worry remained that PPI may hover at an elevated level for an extended period of time, said Nie Wen, chief economist at Hwabao Trust.

** Chinese policymakers have pledged to take measures to cool commodity prices and prevent them being passed on to consumers.

** The U.S. Senate passed on Tuesday a sweeping package of legislation intended to boost the country's ability to compete with Chinese technology. ** Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.22% while Japan's Nikkei index was down 0.34%. ** The yuan was quoted at 6.3949 against the dollar, 0.1% firmer than the previous close of 6.401. (Reporting by Beijing Newsroom; Editing by Rashmi Aich)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / CHINESE YUAN RENMINBI (AUD/CNY) 0.00% 4.742301 Delayed Quote.-4.84%
BRITISH POUND / CHINESE YUAN RENMINBI (GBP/CNY) 0.00% 8.985317 Delayed Quote.1.07%
BRITISH POUND / US DOLLAR (GBP/USD) 0.06% 1.3906 Delayed Quote.2.12%
CANADIAN DOLLAR / CHINESE YUAN RENMINBI (CAD/CNY) 0.00% 5.1829 Delayed Quote.1.22%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.00% 0.8017 Delayed Quote.2.23%
EURO / CHINESE YUAN RENMINBI (EUR/CNY) -0.02% 7.6678 Delayed Quote.-3.70%
EURO / US DOLLAR (EUR/USD) -0.01% 1.1867 Delayed Quote.-2.65%
HANG SENG -1.32% 25935.58 Real-time Quote.-4.76%
INDIAN RUPEE / CHINESE YUAN RENMINBI (INR/CNY) 0.00% 0.086914 Delayed Quote.-2.67%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.00% 0.013452 Delayed Quote.-1.63%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.49% 0.6974 Delayed Quote.-2.36%
NIKKEI 225 -1.80% 27283.59 Real-time Quote.-0.59%
S&P/CITIC 300 INDEX -0.02% 4335.68 Delayed Quote.-5.61%
S&P/CITIC 50 INDEX -0.04% 4027.69 Delayed Quote.-13.64%
SHENZHEN STOCK EXCHANGE A SHARE INDEX 0.06% 2496.1721 Real-time Quote.2.40%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) 0.00% 6.4609 Delayed Quote.-1.05%
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