SHANGHAI: China stocks closed up to their highest in four weeks on Wednesday, as food and beverage shares and coal miners gained, while improving sentiment in the real estate sector underpinned developers’ shares.
The blue-chip CSI300 index rose 0.1%, to 4,916.66, while the Shanghai Composite Index gained 0.1% to 3,592.70 points.
Food & beverage gained 1.8%, while liquor makers surged 2.7%.
Guotai Junan Securities said the cost for raw materials have fallen recently, and the price hike for some food and beverage products would help improve the value of the sector.
The coal sub-index added 2.3%, tracking a leap in coking coal futures on expectations of higher steelmaking demand at mills.
Real-estate developers extended gains from the previous session and finished up 1%, on improving sentiment after some banks were told by financial regulators to issue more loans to property firms for project development.
New energy stocks lost 2.1%, with the photovoltaic industry finishing down 2.6%.
The new energy sub-index has risen 60% year-to-date amid China’s carbon-neutral goal, and analysts had flagged risks of price adjustments in overvalued shares.
Comments are closed.