China shares edge up, helped by food and beverage sector
China shares ended up on Tuesday as gains food and beverage companies erased losses stemming from co…China shares ended up on Tuesday as gains food and beverage companies erased losses stemming from concerns a second batch of initial public offerings (IPOs) could pull funds from existing stocks.
The Shanghai Composite Index added 0.2 percent at 2,070.36 points, hovering at a four-week high. The CSI300 of the leading Shanghai and Shenzhen A-share listings also inched up 0.2 percent.
Chinese liquor makers rose again on a brightening outlook for the beaten-down sector. Kweichow Moutai rose 2.7 percent and Jiangsu Yanghe Brewery jumped 5.4 percent.
Among top index drags, Chongqing Changan Automobile , at a record high on Friday, sank 4.6 percent.
The China Securities Regulatory Commission (CSRC) said late Monday it had given final approval to 12 firms seeking to list on the Shanghai or Shenzhen stock exchanges. Recently, there was a wave of 10 IPOs that were heavily subscribed.