Chinese stocks closed higher on Monday as defensive sectors such as alcoholic beverages and consumer staples rose on higher consumer prices.
At the close, the Shanghai index was up 0.5%, and the CSI300 index, which includes the largest companies listed in Shanghai and Shenzhen, was up 0.4%. Hong Kong’s Hang Seng Index rose 1.6%.
The CSI Liquor Index led the gains, rising more than 5%, reaching its highest level in nearly two months. The consumer staples sector rose 3.4%, the biggest one-day gain since April.
China’s producer price deflation eased in October, with consumer prices returning to positive territory, as the government stepped up efforts to curb overcapacity and fierce competition among companies, data released on Sunday showed.
But analysts say deflationary pressures are not over yet and additional policy measures are needed to further stimulate demand.
The artificial intelligence sector index fell as much as 3%, hitting its lowest point in two weeks, as concerns over corporate valuations continued to slump in the sector worldwide.
. In the Tokyo market, the Nikkei Stock Average rose 1.26% to 50,911 points.
. In Hong Kong, the Hang Seng Index rose 1.55% to 26,649 points.
. In the Shanghai market, the SSEC index rose 0.53% to 4,018 points.
. The CSI300 index, which compiles the largest companies listed in Shanghai and Shenzhen, rose 0.35% to 4,695 points.
. In the Seoul market, the KOSPI index rose 3.02% to 4,073 points.
. In Taiwan, the TAIEX index rose 0.79% to 27,869 points.
. In Singapore, the Straits Times Index fell 0.13% to 4,486 points.
. In Sydney, the S&P/ASX 200 index rose 0.75% to 8,835 points.
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