SHANGHAI — China stocks are mixed on Thursday, with technology shares dropping on Beijing’s fresh crackdown on gaming, but resources plays surging on accelerating factory inflation.
** The Shanghai Composite Index gained 0.5% to 3,693.13 points, the highest closing level in six months. The blue-chip CSI300 index was little changed at 4,970.01 points.
** Shanghai’s tech-focused STAR Market and Shenzhen’s start-up board ChiNext board fell.
** Gaming and media stocks, including G-bits Network Technology and Perfect World Co tumbled, after authorities summoned gaming firms to ensure they implemented new rules for the sector. The CSI Media index dropped nearly 3%.
** Stocks seen with links to “Metaverse,” a virtual shared space based on virtual reality technologies, also slumped, after their recent surge raised regulatory eyebrows and prompted state media to warn against investing in them.
** Wondershare Technology and Wahlap Technology both slumped over 10%, while Goertek lost 9%.
** But resources shares jumped to six-year highs after data showing China’s factory gate inflation hit a 13-year high in August, driven by roaring raw materials prices.
** An index tracking energy stocks jumped 5.6% to the highest level in more than three years, while the CSI SWS Coal Index surged over 6%. (Reporting by Shanghai Newsroom; editing by John Stonestreet)