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Company News

China shares end higher as consumer stocks shine on upbeat earnings

SHANGHAI, Oct 29 (Reuters) - China stocks reversed earlier losses to close higher on Thursday, bucking a global selloff, supported by the consumer sector after leading companies posted robust third-quarter earnings.

** The blue-chip CSI300 index rose 0.8% to end at 4,772.92, while the Shanghai Composite Index added 0.1% to 3,272.73.

** The tech-heavy start-up board ChiNext climbed 1.1%, while the STAR50 index rose 0.4%.

** Leading the gains, the CSI300 consumer staples index closed up 2.2% while the CSI300 consumer discretionary index advanced 2.9%.

** 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 a limited impact on the A-share market, which has already seen a correction since July, Hu added. (Reporting by Shanghai Newsroom; Editing by Rashmi Aich)

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