China stocks rise on consumption, agri boost; HK up
China stocks rose on Tuesday, led by consumer staples and agriculture stocks, while tech giants drove the Hang Seng benchmark to a 5-week high. ** A sub-index tracking financials stocks added 1.3%, while consumer staples gained 1.5%.
China stocks rose on Tuesday, led by consumer staples and agriculture stocks, while tech giants drove the Hang Seng benchmark to a 5-week high. The CSI300 index rose 0.9% to 4,920.68 at the end of the morning session, while the Shanghai Composite Index gained 0.7% to 3,593.23.
The Hang Seng index added 1.2% to 25,708.52. The Hong Kong China Enterprises Index gained 1.4% to 9,097.88. ** Consumer staples added 2.2%, rebounding from a sharp drop in the previous session as the sector was spooked by Xi Jinping's call for the expansion of a consumption tax.
** Broker CICC said in a note that consumption is expected to continue to recover in the fourth quarter. ** Analysts also said investors will now eye companies' Q3 earning reports.
** The coal sub-index gained 1.2%, as China's coking coal and coke futures jumped to record highs amid a short supply. Government data showed China's power woes may worsen as demand surges. ** The agriculture sub-index surged nearly 3%, and the healthcare sub-index was up 1.8%.
** Real estate firms lost 0.8%, as investors continue to digest Beijing's property tax plans and growing signs of weakness in China's housing market. ** The Hang Seng Tech Index rose 2.3%, tracking a tech-driven Wall Street rally, with video platform Bilibili leading the gains and up 12.4%.
** E-commerce giant Alibaba Group added 1.3%. The company said on Tuesday it has developed a processor that will be used to power servers in its data centers. ** A sub-index tracking financials stocks added 1.3%, while consumer staples gained 1.5%.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)