SHANGHAI, May 20 (Reuters) – China stocks ended mixed on Thursday, as gains in financial firms offset losses in resources companies after Beijing vowed to stabilize commodities prices.
** The blue-chip CSI300 index rose 0.3%, to 5,186.41, while the Shanghai Composite Index dipped 0.1% to 3,506.94.
** The CSI300 energy index and the CSI A-share resource industries index were among the worst performing sectors, closing down 3.2% and 3.3%, respectively.
** Yanzhou Coal Mining Co Ltd, Jiangxi Copper Co Ltd and Zijin Mining Group Co Ltd shed between 4.3% and 8.1%.
** China will strengthen its management from both supply and demand sides to curb “unreasonable” increases in commodity prices, and prevent the pass-through to the consumer, the cabinet said on Wednesday.
** The comments drove prices of commodities including steel and iron ore to extend recent losses after surging this year on the back of post-lockdown recoveries in demand and easing global liquidity.
** Digital currency and blockchain-related stocks also pulled back after a cryptocurrency slump.
** However, analysts saw a very limited impact on the broader market from the cryptocurrency fallout.
** Chinese investors’ participation in cryptocurrencies is very limited due to Beijing’s continued clampdown, said Yan Kaiwen, an analyst with China Fortune Securities.
** Yan said Bitcoin mining has consumed too much of China’s resources, including coal, at a time when Beijing seeks carbon neutrality.
** The CSI300 financials index added 1%, helped by gains for banking and securities firms.
** Around the region, MSCI’s Asia ex-Japan stock index was barely changed , while Japan’s Nikkei index closed up 0.19%.
** At 07:08 GMT, the yuan was quoted at 6.4405 per U.S. dollar, 0.1% weaker than the previous close of 6.4338. (Reporting by Luoyan Liu and Andrew Galbraith; Editing by Rashmi Aich)
