Distilleries lead rally to shore up key index
Print Edition
SHANGHAI stocks edged up yesterday as distilleries rallied, despite losses among property developers after data showed home prices rose in fewer cities in February.
The benchmark Shanghai Composite Index added 0.08 percent, or 1.52 points, to close at 2,025.2.
Kweichow Moutai Co, China’s biggest distilled liquor maker, led gains for alcohol firms, rising 2.9 percent to 171.32 yuan (US$27.69), after Shanghai Securities News reported that the state-owned liquor maker plans to list Guizhou Xijiu, a unit of its portfolio, in Hong Kong later this year.
The proposed listing is part of a restructuring plan to bring in market-oriented measures such as an equity-based incentive system and to reform Kweichow Moutai into a diversified group that will cover a wide range of businesses, including distilled liquor and wine making, finance and tourism, according to the report.
Most homebuilders were sluggish after the National Bureau of Statistics said that 57 of the 70 major cities in China recorded gains in new home prices, down from 62 in January.
The real estate sector was also depressed by media reports that unlisted Zhejiang Xingrun Real Estate Co could not repay 3.5 billion yuan in debts, fueling worries about defaults. Poly Real Estate lost 2.8 percent to 6.88 yuan. Gemdale Corp shed 0.8 percent to 6.29 yuan.
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