SHANGHAI: China stocks rose on Thursday as consumer staples jumped, a day after the government advised people to stock up on essential groceries for the winter and as some food companies hiked prices.
The CSI300 index rose 0.9% to 4,863.67 points at the end of the morning session, while the Shanghai Composite Index gained 0.6% to 3,521.07 points.
The Hang Seng index added 0.3% to 25,092.23 points, while the Hong Kong China Enterprises Index was up 0.5%, at 8,904.66.
** Consumer staples gained nearly 3%, with liquor makers surging 3.5%.
** Shoppers in China stocked up on cabbage, rice and flour for the winter on Wednesday, after the government urged people to keep stores of basic goods in case of emergencies.
** Several Chinese food companies have increased the prices of their products since last month due to rising raw material and transportation costs.
** Ping An Securities said the increase in prices can lift companies' profit margins, boosting share prices to some extent.
** The new energy sub-index went up 2.5%, while the automobiles sub-index jumped 3.7%.
** Coal miners dropped 2.2%.
** China's daily coal output is close to a record high this year amid a raft of measures to ramp up production, according to the state planner.
** Meanwhile, Hong Kong shares tracked Wall Street gains after US Federal Reserve unveiled plans to taper its pandemic-era stimulus.
** Tech firms gained 1%, lifting the city's Hang Seng Index.
** BYD Co Ltd jumped 6.5% and was the biggest percentage gainer on the Hang Seng Index, after data showed its total sales volume of new energy vehicles from January to October surged 212% year on year.
** Healthcare companies lost 2.1%.
** Chinese property developer Kaisa Group plunged 11.8% to an all-time low as poor October sales heightened worries about a liquidity crunch at the debt-strapped firm.