China shares firm as consumer stocks shine on upbeat earnings

** The tech-heavy start-up board ChiNext added 0.7%, while the STAR50 index inched up 0.2%. ** Leading the gains, the CSI300 consumer staples index rose 2.7% while the CSI300 consumer discretionary index climbed 2.1% ** Liquor maker Luzhou Laojiao scaled a record high after upbeat earnings and Hangzhou Robam Appliances also jumped by the 10% daily limit after solid profit growth in the third quarter. ** U.S. stocks tumbled on Wednesday, with the Dow closing at lows last seen in late July, as coronavirus cases soared globally and investors worried about the possibility of a contested U.S. presidential election next week.

China stocks eked out gains on Thursday, bucking a global selloff, supported by the consumer sector after leading companies posted robust third-quarter earnings.

** The CSI300 index rose 0.5% to 4,760.90 points at the end of the morning session, while the Shanghai Composite Index gained 0.1% to 3,271.72 points. ** The tech-heavy start-up board ChiNext added 0.7%, while the STAR50 index inched up 0.2%.

** Leading the gains, the CSI300 consumer staples index rose 2.7% while the CSI300 consumer discretionary index climbed 2.1% ** Liquor maker Luzhou Laojiao scaled a record high after upbeat earnings and Hangzhou Robam Appliances also jumped by the 10% daily limit after solid profit growth in the third quarter.

** U.S. stocks tumbled on Wednesday, with the Dow closing at lows last seen in late July, as coronavirus cases soared globally and investors worried about the possibility of a contested U.S. presidential election next week. ** China has done a good job in containing the pandemic, while the country's solid economic fundamentals also provided support, said Hu Yunlong, chief investment officer at Beijing Kaixing Asset Management Co.

** China's economic rebound has been gaining momentum following the sharp COVID-19-driven downturn due to strong exports, pent-up demand and government stimulus, but slower-than-expected third-quarter gross domestic product growth highlighted pockets of weakness for one of the few drivers of global demand. ** Mainland China reported 47 new confirmed COVID-19 cases on Oct. 28, up from 42 a day earlier and marking the highest daily increase in more than two months, the country's national health authority said on Thursday.

** Any bad news would have limited impact on the A-share market, which has already seen a correction since July, Hu added. ** The Hang Seng index dropped 0.9% to 24,478.84 points, while the Hong Kong China Enterprises Index lost 0.8%, to 9,886.02 points.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)