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Distilleries tug Shanghai shares lower
By Ye Zhen |
January 25, 2013, Friday
|
Online Edition
Online Edition
SHANGHAI stocks declined this morning, dragged by distilleries after China's top liquor producer said its earnings grew at a slower pace last year.
The key Shanghai Composite Index lost 0.29 percent to 2,295.88 points. Turnover was 45.6 billion yuan (US$7.4 billion) at midday.
Kweichow Moutai Co yesterday said its net profit may have increased 50 percent in 2012, slower than the rate of 70.5 percent in 2011.
Moutai suffered a setback last month when the media exposed that its liquor contained excessive levels of plasticizer. The government efforts to ban lavish banquets in official receptions also dented the company's sales.
Shenyin & Wanguo Securities said a report that the wholesale price of Moutai's liquor may fall to 1,000 yuan or 1,100 yuan per bottle after the Spring Festival.
Shares of Kweichow Moutai Co lost 2.8 percent to 190.51 yuan. Sichuan Tuopai Shede Wine Co dropped 3.6 percent to 26.20 yuan. Shanxi Xinghuacun Fen Wine Factory Co slumped 4.3 percent to 38 yuan.
Property developers also declined. China Vanke, the nation's biggest developer, shed 2.1 percent to 11.70 yuan. Poly Real Estate, the second largest developer, lost 2.5 percent to 13.14 yuan. Gemdale Corporation fell 2.7 percent to 6.82 yuan.
The key Shanghai Composite Index lost 0.29 percent to 2,295.88 points. Turnover was 45.6 billion yuan (US$7.4 billion) at midday.
Kweichow Moutai Co yesterday said its net profit may have increased 50 percent in 2012, slower than the rate of 70.5 percent in 2011.
Moutai suffered a setback last month when the media exposed that its liquor contained excessive levels of plasticizer. The government efforts to ban lavish banquets in official receptions also dented the company's sales.
Shenyin & Wanguo Securities said a report that the wholesale price of Moutai's liquor may fall to 1,000 yuan or 1,100 yuan per bottle after the Spring Festival.
Shares of Kweichow Moutai Co lost 2.8 percent to 190.51 yuan. Sichuan Tuopai Shede Wine Co dropped 3.6 percent to 26.20 yuan. Shanxi Xinghuacun Fen Wine Factory Co slumped 4.3 percent to 38 yuan.
Property developers also declined. China Vanke, the nation's biggest developer, shed 2.1 percent to 11.70 yuan. Poly Real Estate, the second largest developer, lost 2.5 percent to 13.14 yuan. Gemdale Corporation fell 2.7 percent to 6.82 yuan.
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