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 firstname.lastname@example.org
(END) Dow Jones Newswires
May 21, 2021 01:06 ET (05:06 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.