Metaverse shares and property developers lead China stocks lower

- Advertisement -


SHANGHAI, Nov 18 (Businesshala) – Shares in China closed lower on Thursday, led by stocks belonging to the Metaverse on exposure to state media, while real estate developers fell amid a liquidity crisis.

- Advertisement -

** The blue-chip CSI300 index fell 1.0% to 4,837.62, while the Shanghai Composite Index fell 0.5% to 3,520.71.

- Advertisement -

** Media companies lost 2.7%, led by shares belonging to the Metaverse, after the state media People’s Daily published an article asking people to think rationally on the Metaverse.

** Real estate developers slumped 2.1% amid concerns over liquidity crunch in the sector.

- Advertisement -

** China Evergrande Group said it is selling its entire stake in Hengten Network Holdings for HK$2.13 billion ($273.5 million), while Country Garden Services raised HK$8 billion ($1 billion) from the sale of 150 million new shares Huh.

**Information technology stocks and healthcare firms fell more than 1.7%.

** Lithium shares extended gains between 5% and 10% from the previous session, along with Tibet Summit Resources Co., Chengxin Lithium Group and Tianqi Lithium Corp.

** China’s Ministry of Industry and Information Technology (MIIT) said the country will guide lithium battery manufacturers to enhance technological innovation and improve the quality of products.

** Coal stocks rose 1.1%. State broadcaster CCTV said on Wednesday that China would set up a 200 billion yuan ($31.35 billion) special relief facility to support clean use of coal.

Reporting by Shanghai Newsroom; Editing by Shailesh Kuber

,

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox