China stocks rise on SOE reform hopes

Published: October 01, 2017 19:32:14 | Updated: October 24, 2017 08:48:39

China stocks were firm at the weekend, buoyed by hopes of further reforms to the mainland’s state-owned enterprises and by consumer firms as investors bet shoppers would spend big during the upcoming week-long National Day holiday.

The blue-chip CSI300 index rose 0.4 per cent, to 3,836.50 points, while the Shanghai Composite Index gained 0.3 per cent to 3,348.94 points.

For the month, the CSI300 also gained 0.4 per cent but it posted a solid 4.6 per cent rise for the quarter, taking its gain so far this year to around 16 per cent. Much of the gains have come from resources stocks thanks to the country’s year-long construction boom.

The SSEC dipped 0.4 per cent in September, but climbed 4.9 per cent in the quarter, bringing its year-to-date rise to a more modest 7.9 per cent.

Most sectors rose on the last trading day before the week-long holiday, with an index tracking China’s consumer sector advancing 0.8 per cent.

Chinese markets will be shut this week for the holiday and will not resume trade until October 9, according to Reuters.