China Stocks Climb

China stocks rose for the first time in six days, led by consumer-related shares after Guangdong Midea Electric Appliances Co. and Kweichow Moutai Co. posted higher first-half profit.

Midea Electric, China's second-biggest publicly traded appliance maker, jumped 6.9 percent and Moutai snapped a five-day losing streak. Shanghai Metersbonwe Fashion and Accessories Co., the country's biggest manufacturer of casual wear, climbed on its first day of trading.

The CSI 300 Index, which tracks yuan-denominated A shares listed on China's two exchanges, rose 10.57, or 0.5 percent, to 2,335.86 at the close, ending a five-day, 8.2 percent loss. The measure is now valued at 17 times earnings, the lowest since March 2006.

The CSI 300 is down 56 percent this year, the most among 89 major benchmark indexes tracked by Bloomberg, because of concern measures to cool inflation will damp profit and economic growth.

The Shanghai Composite Index, which tracks the bigger of China's stock exchanges, added 0.3 percent to 2,350.14. The Shenzhen Composite Index fell 0.1 percent to 642.31.

China Stocks Climb, Bloomberg
8/28/2008 7:09:11 AM