Chinese stocks rise as coal companies take advantage of factory exit inflation data

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

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

* US Senate Passes Radical Bill to Address China’s Tech Threat

BEIJING, June 9 (Reuters) – Chinese stocks rose on Wednesday, led by coal and resource companies, as ex-factory prices rose at their fastest annual pace, indicating that the global economic recovery has subsided. accelerated, but concerns about restrictions on commodity prices were capped. wins. ** At the midday break, the Shanghai Composite index was up 0.4% to 3,594.53 and the blue chip CSI300 index was up 0.21%. ** Leading the gains, its sub-index tracking energy companies, including coal guards, jumped 3.62% while the resources sector gained 1.46%.

** The consumer staples sector rose 0.73%, the health 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% to 28,762.26. ** The smallest Shenzhen index rose 0.38%, the ChiNext Composite Board index rose 0.28%, and the Shanghai technology-focused STAR50 index rose 0.98 %.

** China’s ex-factory prices rose at their fastest annual pace in more than 12 years in May, driven by soaring commodity prices, adding to global price pressures at a time when policymakers are trying to revive growth after the crisis induced by COVID-19.

** Although China’s Producer Price Index (PPI) would likely peak soon, there were still concerns that the PPI could hover at a high level for an extended period, said Nie Wen, chief economist at Hwabao Trust.

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

** The US Senate on Tuesday passed a broad set of laws aimed at strengthening the country’s ability to compete with Chinese technology. ** In the region, the MSCI Asia ex-Japan stock index was 0.22% lower while the Japan Nikkei index was down 0.34%. ** The yuan was listed at 6.3949 against the dollar, 0.1% firmer than the previous close of 6.401. (Reporting by the Beijing Newsroom; Editing by Rashmi Aich)


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