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Mercados

China shares firm as consumer stocks shine on upbeat earnings

* SSEC 0.1%, CSI300 0.5%, HSI -0.9%

* HK->Shanghai Connect daily quota used 1%, Shanghai->HK daily quota used 5.5%

* FTSE China A50 +0.6%

SHANGHAI, Oct 29 (Reuters) - China stocks eked out gains on Thursday, bucking a global selloff, supported by the consumer sector after leading companies posted robust third-quarter earnings.

** The CSI300 index rose 0.5% to 4,760.90 points at the end of the morning session, while the Shanghai Composite Index gained 0.1% to 3,271.72 points.

** The tech-heavy start-up board ChiNext added 0.7%, while the STAR50 index inched up 0.2%.

** Leading the gains, the CSI300 consumer staples index rose 2.7% while the CSI300 consumer discretionary index climbed 2.1%

** Liquor maker Luzhou Laojiao scaled a record high after upbeat earnings and Hangzhou Robam Appliances also jumped by the 10% daily limit after solid profit growth in the third quarter.

** U.S. stocks tumbled on Wednesday, with the Dow closing at lows last seen in late July, as coronavirus cases soared globally and investors worried about the possibility of a contested U.S. presidential election next week.

** China has done a good job in containing the pandemic, while the country’s solid economic fundamentals also provided support, said Hu Yunlong, chief investment officer at Beijing Kaixing Asset Management Co.

** China’s economic rebound has been gaining momentum following the sharp COVID-19-driven downturn due to strong exports, pent-up demand and government stimulus, but slower-than-expected third-quarter gross domestic product growth highlighted pockets of weakness for one of the few drivers of global demand.

** Mainland China reported 47 new confirmed COVID-19 cases on Oct. 28, up from 42 a day earlier and marking the highest daily increase in more than two months, the country’s national health authority said on Thursday.

** Any bad news would have limited impact on the A-share market, which has already seen a correction since July, Hu added.

** The Hang Seng index dropped 0.9% to 24,478.84 points, while the Hong Kong China Enterprises Index lost 0.8%, to 9,886.02 points. (Reporting by Luoyan Liu and Andrew Galbraith, Editing by Sherry Jacob-Phillips)

Nuestros Estándares: Los principios Thomson Reuters.

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