SHANGHAI, Nov 4 (Reuters) – China stocks rose on Thursday after three straight sessions of falls, as consumer staples and automobiles jumped, a day after the government advised people to stock up on essential groceries for the winter and as some food companies hiked prices.
The blue-chip CSI300 index rose 1% to 4,868.74, while the Shanghai Composite Index gained 0.8% to 3,526.87.
** Consumer staples gained 2.8%, with liquor makers surging 4.3%.
** Shoppers in China stocked up on cabbage, rice and flour for the winter on Wednesday, after the government urged people to keep stores of basic goods in case of emergencies.
** Several Chinese food companies have increased the prices of their products since last month due to rising raw material and transportation costs.
** Ping An Securities said the increase in prices can lift companies’ profit margins, boosting share prices to some extent.
** Automakers jumped 3.9%, with BYD Co Ltd up 7.3% after data showed its total sales volume of new energy vehicles from January to October surged 212% year-on-year.
** Zheshang Securities said chip shortages would ease in the fourth quarter, which would improve the fundamentals of this industry.
** The new energy sub-index went up 2.1%, as China’s top climate negotiator said on Tuesday a broad deal on carbon markets was possible at the U.N. COP26 climate talks.
** Coal miners dropped 1.3%.
** China’s daily coal output is close to a record high this year amid a raft of measures to ramp up production, according to the state planner.
** It said the measures to boost production will be implemented continually. (Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu)
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