China Stocks mixed on fresh crackdown on gaming

The Mainland China share market finished session mixed on Thursday, 09 September 2021, as reports indicated government officials want gaming companies to ensure they're adhering to recently imposed regulations.

At closing bell, the benchmark Shanghai Composite Index was up 0.49%, or 17.94 points, to 3,693.13. The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 0.07%, or 1.68 points, to 2,494.28. The blue-chip CSI300 index fell marginal 0.04%, or 2.12 points, to 4,970.01.

Gaming and media stocks including G-bits Network Technology and Perfect World Co dropped after authorities summoned gaming firms to ensure they implemented new rules for the sector, tumbled.

Stocks of virtual shared space based on virtual reality technologies, also slumped, after their recent surge raised regulatory eyebrows and prompted state media to warn against investing in them. Wondershare Technology and Wahlap Technology both slumped over 10%, while Goertek lost 9%.

ECONOMIC NEWS: China Consumer Prices Up 0.8% On Year In August- China consumer prices were up 0.8% on year in August, the National Bureau of Statistics said on Thursday. On a monthly basis, inflation rose just 0.1% slowing from 0.3% in July. The bureau also said that producer prices jumped 9.5% on year.

China Producer Price Inflation Accelerate In August- China producer price inflation accelerated to a 13-year high in August on higher commodity prices, while consumer price inflation slowed unexpectedly, official data showed on Thursday. Producer prices advanced 9.5% annually, following an increase of 9% in July, the National Bureau of Statistics reported. The latest growth was the biggest since August 2008. Prices were forecast to climb again by 9%. Month-on-month, producer prices grew 0.7% in August.

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