SHANGHAI: A bounce-back in liquor makers helped China's main stock indexes rebound from early falls on Tuesday even as a resurgence of coronavirus infections weighed on investor sentiment. The blue-chip CSI300 index rose 1.2% to 5,043.15, while the Shanghai Composite Index gained 1% to 3,529.93.
The liquor sector led gains in afternoon trade, rising 6.84% after hitting a four-month low in July.
The liquor sector also helped consumer staples rise 5.28%.
Investors can focus on the oversold consumer sector, including food and beverage, leisure services, ahead of the earning season, Wanlian Securities suggested. The defence sector jumped 3.81%.
China's central bank said on Monday it would maintain the stability of monetary policy and avoid a 'flood-like' stimulus.
The market fell in the morning session, as the wording disillusioned some investors who had hoped for more aggressive easing. On Monday, Wall Street banks including JPMorgan and Morgan Stanley cut their China growth forecasts after export growth slowed unexpectedly in July.
The market still faces uncertainties, as fresh COVID-19 cases mount. The country reported 143 new cases on the mainland for Aug. 9, up from 125 cases a day earlier.
Comments
Comments are closed for this article.