SHANGHAI: 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.
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.
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.—Reuters
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