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August 23, 2019

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Stocks end up on liquor, agri gains

Shanghai stocks closed slightly higher yesterday, led by gains of liquor makers.

The Shanghai Composite Index edged up 0.11 percent to close at 2,883.44 points.

Agriculture stocks, tourism firms and media companies were among the biggest gainers.

Shares of liquor makers rose to push the index up in the afternoon.

Chinese liquor giant Kweichow Moutai Co Ltd jumped 3.56 percent to 1,104 yuan (US$155.64) to a record high, lifting market sentiment in the liquor sector and related industries.

The rally made Moutai the fourth-largest listed firm in the A-share market by market value, Reuters reported.

Shares related to glass also performed well after Chinese glassmakers raised prices on Tuesday.

Shanghai Securities News reported that several glassmakers, including Taiwan Glass Group and Xinyi Glass Holdings Ltd, raised their prices recently.

Analysts said the price increase is expected to continue.


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