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Chinese Consumer Stocks Jump Amid Hopes for Policy Support

   By Yifan Wang 
 

Chinese consumer stocks jumped in morning trade in Hong Kong, as investor hopes grew that Beijing will roll out policy support measures for the industry soon.

Bottled-water and soft-drinks maker Nongfu Spring Co. rose as much as 7.7%, while restaurant operator Haidilao International Holding Ltd. advanced 4.2% to become the top performer on the benchmark Hang Seng Index. Sportswear company Anta Sports Products Ltd. gained 2.5%.

The broader market was down by noon, with the HSI losing 0.2%.

The sector's upturn came as analysts increasingly expect China to unveil new policy support to boost consumption in the coming months. Such hopes were fueled by the country's weaker-than-expected retail sales for April.

Nongfu and Haidilao have fallen more than 20% so far this year. Concerns about China's aging population are rising, after Beijing's latest census data earlier this month showed a sharp rise in the percentage of Chinese aged 60 and above.

 

Write to Yifan Wang at yifan.wang@wsj.com

 

(END) Dow Jones Newswires

May 21, 2021 01:06 ET (05:06 GMT)

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