Saturday, December 4

China stocks end 1% lower as coal miners slump

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SHANGHAI — China shares closed lower on Wednesday, led by coal miners following Beijing’s latest move to address skyrocketing prices, while environmental protection-related companies advanced on the country’s plans to hit a carbon emission peak before 2030.

The blue-chip CSI300 index ended down 1.3% to 4,898.16, while the Shanghai Composite Index lost 1% to 3,562.31 points.

** The coal sub-index and the energy sub-index slumped 4.2% and 3.2%, respectively.

** China said it will conduct “clean up and rectification” work on coal storage sites in some coal-producing areas and ban storage sites without approvals in its latest move to address skyrocketing coal prices.

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** Consumer staples, healthcare shares and semiconductors lost between 1.2% and 1.8%.

** The environmental protection industry index, the new energy index, and the new energy vehicles index went up more than 2% each.

** China’s cabinet said the country will take action to reduce waste, promote renewables and unconventional fuel, and reform its electricity network as part of its plan to bring carbon emissions to a peak before 2030.

** China Merchants Securities said in a note that fossil fuels used in power generating are still a main source of carbon emission, while using new energy is the fundamental to achieve carbon neutrality, which is also a theme of development in the coming decades.

** Separately, data shows profit at China’s industrial firms rose at a faster pace in September despite surging prices and supply bottlenecks.

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