/China shares close higher on consumer, agriculture stock boost

China shares close higher on consumer, agriculture stock boost

SHANGHAI, Oct 19 (Reuters) – China shares closed greater on Tuesday, led by shopper staples and agriculture shares, As a Outcome of the nation’s market regulator eyed greater assist For private corporations after weak financial knowledge.

The blue-chip CSI300 index rose 1% to 4,922.72, whereas the Shanghai Composite Index gained 0.7% To three,593.15.

** China’s market regulator said It is going to take steps To Increase assist For private corporations and promote truthful rivals by strengthening supervision.

** This comes after knowledge on Monday conagencyed financial progress in China hit a one-yr low, whereas analysts anticipated extra focused easing measures To return Inside The approaching months.

** Consumer staples added 2.8%, rebounding from A sharp drop Inside the earlier session As a Outcome of the sector was spooked by President Xi Jinping’s name for the enlargement of a consumption tax.

** Supplier CICC said in a notice that consumption was anticipated to proceed to recuperate Inside the fourth quarter.

** Analysts said buyers would now eye third-quarter agency incomes reviews.

** The agriculture sub-index accomplished up Higher than 3%, with pig-breeding corporations surging In all probability the most.

** A sub-index monitoring healthcare shares was up 1.8%.

** Bucking the enchancment, exact property corporations misplaced 1% as buyers digest Beijing’s property tax plans and rising indicators of weak spot in China’s housing market.

Reporting by Shanghai Newsroom; Modifying by Subhranshu Sahu