Chinese power generators, coal miners rally as power use spike during long-lasting heatwave

 

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Shares of Chinese electric power companies and coal miners continue to rally as power consumption spikes during the long-lasting heatwave.

In the A-share market, the index tracking power generators compiled by Wind Information. is surging 3.2% as of 2:29 pm local time, making it the best-performing sector in the A-share market. The index tracking coal miners is trading 2.2% higher.

In Hong Kong, Huadian Power is surging nearly 10%, Huangneng Power up 9.1%, Datang Power up 6.9%, China Resources power up 5.7%. China Coal is surging 4.4%, Yancoal Australia up nearly 4% and China Shenhua gaining 3.5%.

China’s National Meteorological Center (NMC) renewed its high-temperature red alert on Friday, the 30th consecutive day it has issued alerts, it said on its Weibo channel.

State forecasters also predicted that the current heatwave would only start to abate on Aug. 26.

China’s high temperatures in July caused direct economic losses of 2.73 billion yuan ($400 million), affecting 5.5 million people, according to data from China’s emergency ministry.