May 23, 2018 / 8:41 AM / 5 months ago

HK stocks fall most in 7 weeks, coal miners lead losses

* HSI -1.8 pct, HSCE -2.1 pct, CSI300 -1.3 pct

* Coal miners slump after Beijing intervened to cool the market

* HSI financial sector sub-index is 1.9 percent lower; property sector down 1.6 percent

May 23 (Reuters) - Hong Kong stocks posted their biggest intraday fall in seven weeks on Wednesday, pulled down by energy shares which slumped after Beijing intervened to cool the red-hot coal market. ** The Hang Seng index ended down 1.8 percent at 30,665.64, while the China Enterprises Index closed 2.1 percent lower at 12,090.79 points. ** The energy sector tumbled over 5 percent. Coal miners, including China Shenhua, Yanzhou Coal and China Coal were among the biggest casualties. ** China’s state planner ordered utilities this week to stop stockpiling thermal coal and told miners to slash prices, two sources familiar with the matter said, the government’s first direct intervention to cool coal prices since mid-2016. ** The subindex of Hang Seng tracking the IT sector dipped 0.32 percent, the financial sector was 1.95 percent lower and property sector dipped 1.58 percent . ** The top gainer on Hang Seng was Sunny Optical Technology Group Co Ltd up 1.61 percent, while the biggest loser was China Petroleum & Chemical Corp, which was down 6.34 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.75 percent, while Japan’s Nikkei index closed down 1.18 percent . ** The yuan was quoted at 6.3881 per U.S. dollar at 0819 GMT, 0.36 percent weaker than the previous close of 6.3654. ** The top gainers among H-shares were Huaneng Power International Inc up 5.45 percent, followed by Dongfeng Motor Group Co Ltd gaining 2.24 percent and Byd Co Ltd up by 1.22 percent. ** The three biggest H-shares percentage decliners were China Petroleum & Chemical Corp which was down 6.34 percent, China Shenhua Energy Co Ltd which fell 6.3 percent and CNOOC Ltd down by 5.9 percent. ** About 2.51 billion Hang Seng index shares were traded, roughly 153.5 percent of the market’s 30-day moving average of 1.63 billion shares a day. The volume traded in the previous trading session was 0.00. ** At close, China’s A-shares were trading at a premium of 21.36 percent over the Hong Kong-listed H-shares. (Reporting by the Shanghai Newsroom, Editing by Sherry Jacob-Phillips)

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