SHANGHAI: China stocks ended Wednesday higher, lifted by consumer and technology stocks, as better-than-expected domestic trade data eased slowdown fears fanned by a power crunch and Evergrande’s debt crisis.
The blue-chip CSI300 index rose 1.2%, to 4,940.11 points, while the Shanghai Composite Index gained 0.4% to 3,561.76 points.
China’s export growth unexpectedly accelerated in September, as still solid global demand offset some of the pressures on factories from power shortages, supply bottlenecks and a resurgence of domestic COVID-19 cases.
China’s consumer-related stocks gained 2.5%, and the tech-focused STAR Market rose 1.9%.
An index tracking food & beverage stocks jumped 3.3%. Top spirit maker and index heavyweight Kweichow Moutai Co rose 3.1% to touch a two-and-a-half-month high.
But the CSI300 Real Estate Index dropped 0.6% amid signs Evergrande’s debt crisis is rippling through the industry, hitting more Chinese developers.
China’s coal subindex tumbled 5.5 to its lowest level in six weeks as the government took measures to boost supply, potentially cooling prices.
Shanghai Datun Energy, Tianan Coal and Huolinhe Coal plunged 10%, the most allowed within a trading day.
Coal shares, which had jumped on record prices of the fuel, is down roughly 20% from its Sept. 6 peak.
China’s energy index also plunged, down nearly 5% by midday. Oil giant PetroChina dropped 4.2%.
But new energy shares surged 4%.
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