China’s blue-chip index powered to a 28-month high on Thursday as stellar earnings reports from companies lifted sentiment, despite further rises in bond yields signalling tighter liquidity.
The blue-chip CSI300 index rose 0.8 per cent to 4,007.88 points by the end of the morning session, while the Shanghai Composite Index gained 0.5 per cent to 3,412.45, reports Reuters.
Giving a big boost to confidence, Kweichow Moutai , already the world’s most valuable liquor maker, reported a more than doubling in its third-quarter net profit.
Moutai shares leapt more than 6.0 per cent to a fresh peak, leading a 3.5 per cent jump in the consumer sector.
China’s tech-heavy ChiNext board also rose, as Beijing reiterated pledges to shift to a more innovation-driven economy.
China’s 10-year treasury futures fell to the lowest level in 8 1/2 months, while 10-year treasury yields rose to the highest since December, 2014.