At closing bell, the benchmark Shanghai Composite Index inclined 0.11%, or 3.49 points, to 3,272.73. The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 0.47%, or 10.47 points, to 2,249.57. The blue-chip CSI300 index added 0.75%, or 35.65 points, to 4,772.92.
Market sentiment was turning with investors buffeted by US election uncertainty and now economic worries from rising Covid-19 cases across Europe, sparking concerns that measures to control the virus will hamper economic activity. Accelerating Covid-19 cases in Europe prompted France to announce its second national lockdown till at least the end of November. In the US, a new spike in infections in states such as Wisconsin pushed coronavirus-related deaths to levels not seen since the summer outbreak.
Consumer stocks led the rebound in China's onshore market. Liquor distillers surged, after upbeat third-quarter earnings reports from producers shored up confidence in the recently beaten-down sector. Liquor maker Luzhou Laojiao jumped by the maximum 10% limit to 178.97 yuan after upbeat earnings results. Hangzhou Robam Appliances also jumped by the 10% daily limit after solid profit growth in the third quarter. Kweichow Moutai, the world's most valuable liquor producer by market capitalisation, rose 0.7% to 1,676 yuan.
Carmakers and home appliance producers also soared on positive retail data. China's average daily car sales grew 17% to 45,000 units in October from the same period last year, data from China Passenger Car Association. Carmaker Jiangling Motors soared by the 10% limit for the second straight day to 18.73 yuan, while electric vehicle giant BYD also climbed 4.5% to 158.38 yuan.
CURRENCY NEWS: The Chinese yuan CNY=CFXS rose 0.3%, recovering losses made in the previous session. It fell on Wednesday after some banks tweaked a methodology for fixing the yuan's daily midpoint, which was seen by some as a sign that Beijing is willing to allow some weakness in its currency.
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