Pursuits
China’s Stock Index Climbs After Rate Increase; Insurers Gain
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China’s benchmark stock index rose to a six-month high on speculation the nation’s first interest- rate increase since 2007 will help tame inflation and contain asset bubbles.
China Life Insurance Co. and Ping An Insurance (Group) Co. rose more than 4 percent after Mirae Asset Securities said insurers will outperform in a rising rate environment. Liquor maker Kweichow Moutai Co. and Tsingtao Brewery Co. led gains among consumer stocks that are less dependent on the economy. China Vanke Co. and Poly Real Estate Group Co. slumped at least 6 percent as higher borrowing costs may deter demand for housing.