Liquor and gold firms add shine to shares
Print Edition
SHANGHAI stocks rose yesterday as gold producers and liquor makers staged a strong performance.
The Shanghai Composite Index closed 0.36 percent higher at 3,017.29 points.
Gold for August delivery rose 1.5 percent to US$1,358.70 an ounce in New York overnight.
Zhongjin Gold Corp jumped by the 10 percent daily limit while Lao Feng Xiang Co added 7.97 percent to 45.38 yuan (US$6.78) as risk-averse investors sought a safer investment in place of other weaker currencies amid continuing macro risks.
Liquor producer Kweichow Moutai Co surged 5.53 percent to 317.19 yuan, the highest level since the stock started trading in 2001. China International Capital Co has raised the target price of Kweichow Moutai to 438 yuan within the next 12 months.
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