Chinese liquor shares strong despite declines in major indices

Updated 2017-11-16 10:03:10 Xinhua

Shares in Chinese liquor makers were the strongest among all sectors on Wednesday, although major indices dropped for a second day.

The sub-index for the sector rose 1.46 percent, compared with a 0.79- percent drop in the benchmark Shanghai Composite Index.

Kweichow Moutai, China's top liquor brand, rose 1.37 percent to 688.08 yuan per share, currently the highest price on the A-share market.

Hebei Hengshui Laobaigan Liquor Co. rose by the daily limit of 10 percent, rising for a sixth consecutive trading day.

Since the beginning of 2016, the liquor sector has seen strong recovery on the back of sound business performance, according to Sichuan-based Chuancai Securities.

"As high-end liquor products such as Moutai have been in short supply for a long time, the sector will continue the upward trend," the brokerage firm said.

The benchmark Shanghai Composite Index edged down 0.79 percent to 3,402.52 points, dropping for a second day after rising for six days.

The Shenzhen Component Index closed 1.04 percent lower at 11,462.11 points, also down for a second trading day.

Combined turnover of the two indices shrank to 524.4 billion yuan (79 billion U.S. dollars) from 603.7 billion yuan the previous trading day.

The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, lost 1.51 percent to close at 1,868.08 points.

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