Nearly 1,000 China-listed companies have put out preliminary reports forecasting a rise in third-quarter profits, China Securities Journal said. SHANGHAI: China stocks edged higher on Tuesday, though gains rooted in consumer and financial firms were pared as shares of new energy auto firms succumbed to profit-taking late in the session.
The blue-chip CSI300 index rose 0.3 per cent, to 3,837.93 points, while the Shanghai Composite Index added 0.1 per cent to 3,379.49 points.
China’s new-energy auto firms reversed hefty earlier gains on Tuesday, with an index tracking new energy vehicles (NEVs) ending down 0.2 per cent, after jumping as much as 4.5 per cent to a record high.
Real estate firms continued to weigh on the market, while consumer and financial shares led gains, closing up 1 per cent and 0.6 per cent respectively.
Helping some sectors were expectations of solid profit growth in the third quarter.
Nearly 1,000 China-listed companies have put out preliminary reports forecasting a rise in third-quarter profits, China Securities Journal said.
Zhou Yu, strategist at Pacific Securities, said he expects upstream sectors including steel, coal, non-ferrous metal and petrol could continue to attract buying interest in light of steady gains in profitability.