China shares claw higher as economic recovery quickens

Consumer staples firms jumped 2.35%, powered by breweries and distillers. Economic data released Monday showed that China's economic recovery quickened in the third quarter, supported by growing consumption.

AP
At the close, the Shanghai Composite index reclaimed lost ground to end 0.47% higher at 3,328.10. The blue-chip CSI300 index was up 0.8%.
SHANGHAI: China shares ended higher on Tuesday in a relatively tepid session, as optimism over recovering consumption lifted the benchmark index, though data showed a slowdown in new home price growth in the world's second-largest economy.

At the close, the Shanghai Composite index reclaimed lost ground to end 0.47% higher at 3,328.10. The blue-chip CSI300 index was up 0.8%.

Consumer staples firms jumped 2.35%, powered by breweries and distillers. Economic data released Monday showed that China's economic recovery quickened in the third quarter, supported by growing consumption.


However, the financial sector sub-index fell 0.34% and real estate firms shed 0.83% following data that dented sentiment around the housing market, which has provided a much-needed support to an economy ravaged by the pandemic.

New home prices in China grew at their slowest pace in more than 4-1/2 years in September as tightening measures introduced by some big cities to guard against a potential market bubble.

The smaller Shenzhen index ended up 1.23% and the start-up board ChiNext Composite index was higher by 1.893%.
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Around the region, MSCI's Asia ex-Japan stock index was firmer by 0.36%, while Japan's Nikkei index closed down 0.44%.

At 0704 GMT, the yuan was quoted at 6.686 per U.S. dollar, 0.07% weaker than the previous close of 6.6813.

Trading activity was light, with about 16.51 billion shares traded on the Shanghai exchange, roughly 74.2% of the market's 30-day moving average of 22.26 billion shares a day. The volume in the previous trading session was 21.23 billion.
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