Chinese Power Producers Rise After Report of Coal Price Freeze
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Chinese power producers including Huaneng Power International Inc. rallied in Hong Kong after the state-run Xinhua News Agency said the government ordered a freeze in 2011 contract prices for coal used in power stations.
Huaneng, China’s largest electricity producer, rose as much as 5.1 percent to HK$4.35 and was trading at HK$4.32 at 10:36 a.m. local time. Datang International Power Generation Co., the second biggest producer, gained 4.3 percent to HK$2.92. The benchmark Hang Seng Index rose 1.3 percent.