China shares firm as consumer stocks shine on upbeat earnings

  • 10/29/2020
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* HK->Shanghai Connect daily quota used 1%, Shanghai->HK daily quota used 5.5% * FTSE China A50 +0.6% SHANGHAI, Oct 29 (Reuters) - 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.

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