Distillers tip over to lower index
By Ye Zhen |
January 26, 2013, Saturday
|
Print Edition
Print Edition
SHANGHAI stocks fell for a second day yesterday, sending the benchmark index to the lowest in six days, led by distillers after China's top liquor firm said earnings may grow slowly last year.
The Shanghai Composite Index shed 0.49 percent to close at 2,291.3 points. For the week the index lost 1.1 percent.
Kweichow Moutai, China's biggest liquor producer by market value, cautioned its net profit may climb 50 percent in 2012, it said in a filing to the Shanghai Stock Exchange late on Thursday. But still the rate will be slower than the 71 percent surge in 2011 and the 59 percent jump in the first three quarters of 2012.
"China's high-end liquors face a grim future because the government is reining in excessive public spending while weak demand due to a sluggish economy also erodes their profitability," BOC International (China) Ltd said in a report.
Kweichow Moutai shed 3.5 percent to 189.05 yuan (US$30.37). Sichuan Tuopai Shede Wine Co fell 3.8 percent to 26.16 yuan, and Shanxi Xinghuacun Fen Wine Factory Co lost 5.4 percent to finish at 37.55 yuan.
The Shanghai Composite Index shed 0.49 percent to close at 2,291.3 points. For the week the index lost 1.1 percent.
Kweichow Moutai, China's biggest liquor producer by market value, cautioned its net profit may climb 50 percent in 2012, it said in a filing to the Shanghai Stock Exchange late on Thursday. But still the rate will be slower than the 71 percent surge in 2011 and the 59 percent jump in the first three quarters of 2012.
"China's high-end liquors face a grim future because the government is reining in excessive public spending while weak demand due to a sluggish economy also erodes their profitability," BOC International (China) Ltd said in a report.
Kweichow Moutai shed 3.5 percent to 189.05 yuan (US$30.37). Sichuan Tuopai Shede Wine Co fell 3.8 percent to 26.16 yuan, and Shanxi Xinghuacun Fen Wine Factory Co lost 5.4 percent to finish at 37.55 yuan.
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