Blue-chip stocks in China rise on the back of increased consumption; real estate sector files

SHANGHAI, Sept.24 (Reuters) – Blue-chip Chinese stocks rose on Friday, led by consumer staples, while real estate indices in mainland markets and Hong Kong fell amid lingering investor concerns over a possible default of the developer China Evergrande Group.

** At the lunch break, China’s blue-chip CSI300 index was up 0.53%, its consumer staples sector up 3.85% and the health sub-index up. 1.02%. ** At the lunch break, the Shanghai Composite Index was down 0.07% to 3,639.75 points, with materials companies being the biggest drag in the industry. ** The Chinese cabinet this week pledged to roll out policies to boost consumption and use more market-based measures to stabilize commodity prices, while the state planner called on companies on Friday. state to provide sufficient electricity supply to fertilizer producers in a context of soaring prices. ** Chinese H-shares listed in Hong Kong fell 0.16% to 8,719.55, while the Hang Seng index was down 0.03% to 24,504.11. ** The Hang Seng real estate index fell 1.34% as the interest payment deadline for developer China Evergrande Group expired without any announcements from the company, bringing it closer to a potential default. ** China Evergrande shares ended the morning session down 7.12%, making it the largest percentage drop among H shares. ** Shenzhen’s smallest index rose 0.16% , the ChiNext Composite Board of Directors Index rose 1.5%, and the Shanghai Technology-Focused STAR50 Index rose 1.37%. ** In the region, the MSCI Asia ex-Japan stock index was firmer by 0.02% while the Nikkei index of Japan was up 2.01%. ** The yuan was listed at 6.4614 to the US dollar, 0.02% lower than the previous close of 6.46. ** So far this year, the Shanghai stock index is up 4.8% and the CSI300 has fallen 6.4%, while the Hong Kong-listed Chinese H-share index is down by 18.8%. Shanghai shares rose 2.7% this month. (Reporting by Andrew Galbraith; editing by Ramakrishnan M.)

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