China stocks erase losses on policy easing bets while Hong Kong cancels trading due to typhoon Kompasu warning

Name: Scaffolding collapses as heavy wind and rains lash Hong Kong amid typhoon warning
Uploaded: 2021-10-13T02:48:04.000Z
Duration: 3 min 17 s
Description: Scaffolding collapses as heavy wind and rains lash Hong Kong amid typhoon warning

Stocks advanced for the first time this week as consumer companies attract buyers on valuations appeal

Financial markets in Hong Kong were closed because of typhoon Kompasu, and will also be shut on Thursday for a public holiday

Reading Time:2 minutes

Why you can trust SCMP

Pedestrians walk past a stock ticker outside the Exchange Square, which houses the Hong Kong stock exchange in Central on October 4. Photo: EPA-EFE

Zhang Shidongin Shanghai

Published: 10:48am, 13 Oct 2021Updated: 3:46pm, 13 Oct 2021

Corrected [11:32am, 13 Oct, 2021]

[11:32am, 13 Oct, 2021]
Corrects index level in second paragraph

Stocks in mainland China rose for the first time this week as consumer companies attracted buyers on valuation appeal and traders bet even as traders bet the government will loosen policies to counter an economic slowdown.

The Shanghai Composite Index added 0.4 per cent to 3,561.76 at the close, reversing an earlier loss of as much as 0.9 per cent. The CSI 300 Index, which tracks the biggest companies on the Shanghai and Shenzhen bourses, jumped 1.2 per cent.

Hong Kong cancelled trading because of typhoon Kompasu warning, and will remain shut on Thursday for a public holiday.

Liquor distiller Luzhou Laojiao paced gains among consumer stocks, providing the biggest push to the broader market. Offcn Education Technology surged by the 10 per cent daily cap to lead the pack of vocational education tutors after the State Council encouraged listed companies to engage in the industry.

03:17

Scaffolding collapses as heavy wind and rains lash Hong Kong amid typhoon warning

China’s September data foreign trade data offered a mixed picture, with exports rising by faster-than-estimated 28.1 per cent and imports growing 17.6 per cent that trailed projections. BlackRock, the world’s biggest money manager, said this week that China can no longer ignore slowdown signs without easing policies.

Select Voice

Choose your listening speed

Get through articles 2x faster

1.25x

250 WPM

Slow

Average

Fast

00:0000:00

1.25x