China Consumer Stocks Catch a Bid Before Holidays as Tech Slumps

Chinese consumer stocks are winning favor with investors just as their high-flying tech peers lose ground amid a global rout, with expectations growing that the former will benefit from increased spending during the upcoming Lunar New Year break.

A gauge of consumer staples rose for a fourth straight session and was the top performer among sector groups on China’s CSI 300 Index on Thursday. It jumped as much as 1.7% — with shares of heavyweight liquor maker Kweichow Moutai Co. among the biggest gainers. In comparison, the CSI benchmark was down 1% and a measure of tech shares headed for its third decline this week.