Consumer stocks lift the market
Shanghai stocks closed a little higher yesterday, led by gains in iron and steel as well as in consumer shares.
The Shanghai Composite Index gained 0.21 percent to close at 3,008.15 points. Consumers shares were led by gains among liquor makers. Shares of automobile companies and new materials also lifted the index.
Qin Hong, an analyst with Jingbailing Consulting, said that consumer shares, especially food and beverages, were active today. Xiangpiaopiao Food Co surged to the daily limit of 10 percent to close at 32.74 yuan (US$4.8) and Kweichow Moutai Co rose 1.11 percent to 987.10 yuan.
Tebon Securities expects food and beverage sectors to benefit as foreign funds hold a large portion of these shares.
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