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China stocks led higher by consumer staples, healthcare

SHANGHAI: Chinese shares closed higher on Friday ahead of the mid-autumn festival holiday, with consumer staples and healthcare stocks leading the gains.

The blue-chip CSI300 index rose 1.0%, to 4,855.94, while the Shanghai Composite Index gained 0.2% to 3,613.97 points.

For the week, the CSI300 finished down 3.1%, while the Shanghai Composite Index dropped 2.4%, the biggest weekly decline for both since Aug 20.

Consumer staples rose 2.3% ahead of the mid-autumn festival holiday, during which analysts expect consumption to rise.

The healthcare sub-index jumped 3.6%. Shanxi Securities expects this sector will contuinue to rebound.

A sub-index tracking coal stocks plunged 6.2%, their biggest daily decline since February 2020.

China’s leading coal industry associations called on top miners on Thursday to ensure thermal coal supplies to help stabilise surging prices, at a time when the environment ministry said China plans to include more cities in its 2021 winter air pollution campaign.

Investors bought the dips in the battered real estate sector, which rebounded 2% after falling for three straight sessions on China Evergrande’s debt crisis.

Goldman Sachs and JPMorgan warned Evergrande’s crisis could pose spillover risks to the broader Chinese property sector.

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