China shares close higher on consumer, agriculture stock boost

  • 10/19/2021
  • 00:00
  • 7
  • 0
  • 0
news-picture

SHANGHAI, Oct 19 (Reuters) - China stocks closed higher on Tuesday, led by consumer staples and agriculture stocks, as the country’s market regulator eyed better support for private firms after weak economic data. The blue-chip CSI300 index rose 1% to 4,922.72, while the Shanghai Composite Index gained 0.7% to 3,593.15. ** China’s market regulator said it will take steps to boost support for private firms and promote fair competition by strengthening supervision. ** This comes after data on Monday showed economic growth in China hit a one-year low, while analysts expected more targeted easing measures to come in the coming months. ** Consumer staples added 2.8%, rebounding from a sharp drop in the previous session as the sector was spooked by President Xi Jinping’s call for the expansion of a consumption tax. ** Broker CICC said in a note that consumption was expected to continue to recover in the fourth quarter. ** Analysts said investors would now eye third-quarter corporate earning reports. ** The agriculture sub-index finished up more than 3%, with pig-breeding companies surging the most. ** A sub-index tracking healthcare shares was up 1.8%. ** Bucking the trend, real estate firms lost 1% as investors digest Beijing’s property tax plans and growing signs of weakness in China’s housing market. Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu

مشاركة :