Chinese consumer product stocks soar, Chinese carmakers celebrate new models
In Asia, stocks climbed higher Monday. The Shanghai Composite Index rose 0.9% and in Hong Kong, the Hang Seng Index added 1.4%. Japan's Tokyo Stock Exchange was closed today for Labor Thanksgiving Day, a celebration of workers' rights.
In China, consumer product stocks rallied with VV Food & Beverage leaping to its 10% daily limit. The company produces and markets milk and soybean products, along with a range of other food items like flour and oatmeal. According to China Daily, VV Food & Beverage is a key partner of Japanese company Otsuka Pharmaceutical. Together they distribute a "neutraceutical" fruit and soy snack bar called SoyJoy which capitalizes on the health-giving effects of soybeans.
Encouraged by the government's giant stimulus packages, Chinese continue to shop for other products as well. Today Chinese retailers climbed with department store operator Shanghi Bailian Group surging 5.5% today and refrigerator company Qingdao Haier and household appliance company Hisense Electric each adding 1.7%.
Chinese mining shares rose today as metals prices climbed in London. Jiangxi Copper (JIXAY) added 2.7%. The price of gold rose in Asia to a record-setting $1,162, sending gold mining stocks higher; Shandong Gold Mining surged 4.4%, Zijin Mining Group (ZIJMF) surged 2.2% and Zhongjin Gold rose 1.9%.
In Hong Kong, Gold miners were also up with Real Gold Mining rocketing up 6.4%, Zhaojin Mining (ZHJOF) Industry spiking 5.6% and Lingbao Gold (LGBOF) rising 3%. Meanwhile, Eternite International, a Hong Kong-based fine jewelry company that went public in October and recently reported a $5 million six-month profit, surged 10.6% today.
Hong Kong banking stocks advanced today with China Construction Bank (CICHF) racking up a 4.1% gain, China Citic Bank (CHBJF) gaining 4% and Industrial & Commercial Bank of China (IDCBY) rising 3.3%. HSBC (HBC) inched up 0.6%. After all, someone has to finance all that shopping.
