Share Prices of China Sports Companies Rise

Shares of Chinese sportswear companies have risen by up to 10.7 percent.

Sportswear retailers made a strong rebound on the stock market Friday with investors believing they are likely to be among the first consumer-related sectors to recover from the economic downturn.

Anta Sports Products, the largest local sportswear retailer in terms of total sales, rose 9.6 percent to close at $0.77, while Li Ning’ share price increased by 6.7 percent to $0.53.

Other sports companies that rose include Fujian-based Peak Sport Products, Xtep International Holdings and 361 Degrees International, which all climbed between 9 and 10.7 percent.

UBS Analyst, Spencer Leung, said: “We expect sportswear to be one of the first of the consumer discretionary segments to emerge from the current downturn as the consolidation process is near completion.” {jcomments on}