September 12, 2017 / 7:24 AM / 2 years ago

China stock indexes inch up, new energy auto firms shed big gains

SHANGHAI, Sept 12 (Reuters) - 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 percent, to 3,837.93 points, while the Shanghai Composite Index added 0.1 percent 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 percent, after jumping as much as 4.5 percent to a record high.

Real estate firms continued to weigh on the market, while consumer and financial shares led gains, closing up 1 percent and 0.6 percent 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. (Reporting by Luoyan Liu and John Ruwitch; Editing by Richard Borsuk)

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