November 21, 2011 (Chinavestor) China stocks extended losses from last week on Monday in both key Asian markets. The Hang Seng Index (INDEXHANGSENG:.HSI) fell 265.4 points or 1.5% while the Shanghai Composite Index (SHA:000001) shed 1.4 points or 0.1% after a surprise rally in the late afternoon session. Stocks are under pressure globally for a number of reasons. U.S. debt reduction panel is about to admit defeat while France's triple A rating is under review as problems within the eurozone persist. China's senior central banker said that global economic recession is enduring and will hunt markets for years to come.
Chinese telecoms continued to provide cushion in Hong Kong but shipping lanes and energy stocks fell as global economic outlook worsened. Coal and financial stocks led the decline in the Mainland with China Shenhua Energy (SHA:601088), China's largest coal miner, falling the most among the 50 largest listed companies.