China shares close higher as consumer staples, chip stocks gain

SHANGHAI: China stocks closed higher on Friday as consumer staples and chipmakers gained, while huge overseas money inflows also helped lift A-shares.

The blue-chip CSI300 index rose 0.9%, to 4,901.02, while the Shanghai Composite Index gained 0.9% to 3,607.43.

For the week, the CSI300 index edged up 0.8%, while the Shanghai Composite Index added 1.2%.


Activity in China's services sector expanded at a slower pace in November amid rising inflationary pressures and continuing small-scale COVID-19 outbreaks, a private survey showed.

Consumer staples rose 2.6%, while liquor makers jumped 3.1%.

Semiconductors and utilities gained around 2.5% each, while coal miners surged 4.5%.

Shipping and port-related stocks jumped, with Ningbo Zhoushan Port Co soaring 10% after it increased prices for some services.

Northeast Securities said the Omicron coronavirus variant may increase shipping fees, which would benefit related stocks.

Overseas investors were heavy net buyers of A-shares on Friday, with Refinitiv data showing inflows of more than 13.5 billion yuan through the Northbound legs of the Stock Connect programme,.

Shanxi Securities said the Omicron variant may have a limited impact on A shares, and with the expectation of policy easing, the cross-year opportunities are still worth anticipating. (Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu)