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2018-03-23 HKT 16:25
Pork and agriculture shares on the mainland markets escaped the downdraft from US-China trade tensions on Friday, rising sharply on anticipation that potential new barriers on American imports could fatten up the sales of domestic producers.
Pig breeder Hunan New Wellful surged by the maximum permitted daily amount of 10 percent to close at 5.81 yuan in Shanghai.
In Shenzhen, Guangdong Wens Foodstuff Group, one of the country's largest pig breeders, advanced 3.66 percent to 21.54 yuan.
Such shares defied a global market rout caused by the escalating tensions and which dragged Shanghai's main index 3.39 percent lower at the close, while Shenzhen's index fell 4.49 percent.
"China's potential retaliatory moves mainly focus on farm products, providing a good chance for domestic producers to boost sales," said Zhang Gang, a strategist with Central China Securities.
In Shanghai, Gansu Dunhuang Seed, a seed, cotton and food processing company, jumped 10 percent to 7.67 yuan, while Wei Long Grape Wine rose 1.38 percent to 16.17 yuan and Xinjiang Korla Pear gained 4.23 percent to 15.76 yuan.
But Hong Kong-listed WH Group, the world's largest pork producer and which acquired major US pork and hog producer Smithfield Foods five years ago, fell 5.17 percent to HK$8.98.
Zhang said the market turmoil may abate as the tit-for-tat US and Chinese moves remain tepid, aimed more at testing each other's mettle, and could result in a negotiated settlement.
"If China brings out soybeans or the Boeing deal, the trade war will escalate," Zhang said. (AFP)