OCTOBER 19, 2021 - 11:47 AM UPDATED
By Reuters Staff
SHANGHAI, (Reuters) - China stocks rose on Tuesday, led by consumer staples and agriculture stocks, while tech giants drove the Hang Seng benchmark to a 5-week high.
The CSI300 index rose 0.9% to 4,920.68 at the end of the morning session, while the Shanghai Composite Index gained 0.7% to 3,593.23.
The Hang Seng index added 1.2% to 25,708.52. The Hong Kong China Enterprises Index gained 1.4% to 9,097.88.
Consumer staples added 2.2%, rebounding from a sharp drop in the previous session as the sector was spooked by Xi Jinping's call for the expansion of a consumption tax.
Broker CICC said in a note that consumption is expected to continue to recover in the fourth quarter.
Analysts also said investors will now eye companies' Q3 earning reports.
The coal sub-index gained 1.2%, as China's coking coal and coke futures jumped to record highs amid a short supply. Government data showed China's power woes may worsen as demand surges.
The agriculture sub-index surged nearly 3%, and the healthcare sub-index was up 1.8%.
Real estate firms lost 0.8%, as investors continue to digest Beijing's property tax plans and growing signs of weakness in China's housing market.
The Hang Seng Tech Index rose 2.3%, tracking a tech-driven Wall Street rally, with video platform Bilibili leading the gains and up 12.4%.
E-commerce giant Alibaba Group added 1.3%. The company said on Tuesday it has developed a processor that will be used to power servers in its data centers.
A sub-index tracking financials stocks added 1.3%, while consumer staples gained 1.5%.
Reporting by Shanghai Newsroom; editing by Uttaresh.V

Sumber : Reuters