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China stocks rise on consumption, agri boost; HK up - Reuters

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SHANGHAI, Oct 19 (Reuters) - China stocks rose on Tuesday, led by consumer staples and agriculture stocks, while tech giants drove the Hang Seng benchmark to a 5-week high.

The CSI300 index rose 0.9% to 4,920.68 at the end of the morning session, while the Shanghai Composite Index gained 0.7% to 3,593.23.

The Hang Seng index added 1.2% to 25,708.52. The Hong Kong China Enterprises Index gained 1.4% to 9,097.88.

** Consumer staples added 2.2%, rebounding from a sharp drop in the previous session as the sector was spooked by Xi Jinping’s call for the expansion of a consumption tax.

** Broker CICC said in a note that consumption is expected to continue to recover in the fourth quarter.

** Analysts also said investors will now eye companies’ Q3 earning reports.

** The coal sub-index gained 1.2%, as China’s coking coal and coke futures jumped to record highs amid a short supply. Government data showed China’s power woes may worsen as demand surges.

** The agriculture sub-index surged nearly 3%, and the healthcare sub-index was up 1.8%.

** Real estate firms lost 0.8%, as investors continue to digest Beijing’s property tax plans and growing signs of weakness in China’s housing market.

** The Hang Seng Tech Index rose 2.3%, tracking a tech-driven Wall Street rally, with video platform Bilibili leading the gains and up 12.4%.

** E-commerce giant Alibaba Group added 1.3%. The company said on Tuesday it has developed a processor that will be used to power servers in its data centers.

** A sub-index tracking financials stocks added 1.3%, while consumer staples gained 1.5%.

Reporting by Shanghai Newsroom; editing by Uttaresh.V

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