Chinese stocks finished higher with Biden’s improved odds of winning

* SSEC + 1.30%, CSI300 + 1.48%

* Consumer stocks bring in gains, up 1.61%

* Apple suppliers gain hopes of easing Sino-US tensions

SHANGHAI, Nov 5 (Reuters) – China’s equities closed higher on Thursday after US election results showed a consolidated lead for Democratic challenger Joe Biden, who is seen as leaning towards a less confrontational approach from President Donald Trump. in Sino-US relations.

With financial markets prepared for days or even weeks of uncertainty as Trump opened a multi-pronged attack on vote counting in several states by pursuing lawsuits and a recount, investors welcomed any indication of a clear winner.

“As long as we have a president, the stock market will celebrate,” said a Shanghai-based brokerage manager.

At the close, the Shanghai Composite Index rose 1.3% to 3,320.13.

The CSI300 blue chip index gained 1.48%, led by the consumer staples sector, which added 1.61%.

New energy stocks and Apple suppliers have also gained on expectations of easing Sino-US tensions and hope that a Biden White House will invest more in renewable energy.

The new CSI energy sub-index gained 4.28%.

“The election is likely to reduce the close relationship between the US and China … this would have a positive impact on Chinese equities,” said Patrick Yiu, CEO of CASH Asset Management in Hong Kong.

The yuan strengthened to 6.6381 early in trade, its highest level against the dollar since July 2018, before cutting gains. It was trading at 6.64434 per US dollar at 0711 GMT.

Whatever the outcome of the elections, ties between the US and Chinese financial markets are set to deepen, despite the Transpacific trade war and difficult diplomatic relations.