China stocks rise on positive signs in Biden-Xi meeting

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SHANGHAI, Nov 16 (Businesshala) – Shares in China rose on Tuesday on positive signs from investors in talks between US President Joe Biden and Chinese leader Xi Jinping.

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The CSI300 index gained 0.5% to 4,908.10 at the end of the morning session, while the Shanghai Composite Index gained 0.3% to 3,543.46.

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The Hang Seng Index rose 1.1% to 25,658.04 points. The Hong Kong China Enterprises Index rose 1.1% to 9,187.01.

** US President Joe Biden and Chinese leader Xi Jinping stressed their responsibility to the rest of the world to avoid conflict as the heads of the two top global economies held their close talks on Monday.

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** Investors hoped that the summit would help stabilize Sino-US relations by starting talks on conflicting areas.

** Consumer Staples was up 1.9%, with winemakers rising more than 4%. Healthcare shares rose 3%.

** Many Chinese food companies have increased the prices of their products since last month due to increased raw material and transportation costs.

** Haitong Securities said the PPI may already peak and fall in the fourth quarter, easing cost pressures for companies and creating more opportunities in the consumer sector.

** On the second trading day of the new Beijing Stock Exchange, only 5 stocks of the first batch of 81 companies rose.

** Gaming shares listed in Hong Kong rose 6.4% as Macau expanded COVID-19 booster shot eligibility, with Galaxy Entertainment Group becoming the biggest percentage gainer on the Hang Seng index, up 7.1%.

** The Hang Seng Tech Index, the Consumer Staples sub-index and the Healthcare sub-index rose between 1.2% and 2.7%.

** Mainland property developers listed in Hong Kong added 2.1%. However, shares of Kaisa Samridhi, a property services arm of troubled developer Kaisa Group, fell 13.5% after the company restarted a day after the company said operations were not affected by its parent’s liquidity issues. Will happen. (Reporting by Shanghai Newsroom; Editing by Uttaresh V)


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