SHANGHAI: Chinese shares climbed on Monday, driven by coal firms on supply fears and defence equities on rising tensions with Taiwan, while Alibaba and Meituan helped Hong Kong shares notch a four-week high.
The CSI300 index rose 0.5% to 4,953.04 by the end of the morning session, while the Shanghai Composite Index gained 0.4% to 3,605.76.
The Hang Seng index climbed 2.2% to 25,391.37. The Hong Kong China Enterprises Index gained 2.9% to 9,025.86.
** The Hang Seng Tech Index jumped 3.7%, with e-commerce giant Alibaba Group and food-delivery company Meituan up more than 9% each.
** China's antitrust regulator fined Meituan 3.4 billion yuan ($527.4 million) for abusing its dominant market position, the latest penalty in Beijing's clampdown on online platforms.
** Jefferies says with the overhang now removed, the long-term outlook for Meituan is bright.
** Alibaba rose for a fourth straight session, after Daily Journal Corp, chaired by Charlie Munger, boosted its holdings by 83% during the third quarter, according to public disclosures.
** The energy sub-index and the healthcare sub-index added 1.9% and 1.5%, respectively.
** In mainland markets, the coal sub-index gained 3.4% amid short supply, which has led to China's worst power crunch in years.
** China has ordered its two top coal regions to boost output and will allow coal-fired power utilities to charge customers higher prices.
** Citic Securities said it would take time for the measures to take effects and estimated the supply crunch situation is hard to be reversed this year.
** Real estate firms and banks gained more than 2.7% each.
** A sub-index tracking defence stocks went up 2.9%.
** Chinese President Xi Jinping vowed on Saturday to achieve "peaceful reunification" with Taiwan, while the Chinese-claimed island responded by calling on Beijing to abandon its coercion.
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