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Liquor stocks pull down Shanghai index 0.53%
By Ye Zhen |
November 22, 2012, Thursday
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Online Edition
Online Edition
SHANGHAI stocks were dragged down by liquor producers this morning after China's quality watchdog confirmed that samples from Jiugui Liquor Co contained excessive levels of a potentially toxic chemical, even though the manufacturing sector showed gains.
The benchmark Shanghai Composite Index lost 0.53 percent, or 10.77 points, to 2,019.55 points. Turnover stood at 17.8 billion yuan (US$2.9 billion) by midday.
The Hunan Bureau of Quality and Technical Supervision yesterday said plasticizers in product samples from Jiugui Liquor Co were 247 percent higher than the national standard. The chemical may cause endocrine disruption.
Kweichow Moutai Co, a leading producer of high-end liquor in China, lost 1.6 percent to 215.05 yuan. Sichuan Tuopai Shede Wine Co fell 3.3 percent to 24.35 yuan. Sichuan Swellfun Co slid 3.3 percent to 19.22 yuan.
Most developers declined after the Ministry of Finance said it is considering expanding the property tax to the whole country. Shanghai Industrial Development Co slumped 3.7 percent to 7.21 yuan. Guangzhou Pearl River Industrial Development Co decreased 2.9 percent to 9.60 yuan.
China's manufacturing activity regained momentum last month, adding signs to economic recovery. HSBC's Flash China Purchasing Managers' Index, the earliest indicator of the nation's manufacturing activity rose to a 13-month high of 50.4 in November, from October's final reading of 49.5.
The figure reflects easing pressure on the destocking process and suggests the nation's economy has bottomed out and is on road to recovery, said Qu Hongbin, HSBC's chief economist for China.
The benchmark Shanghai Composite Index lost 0.53 percent, or 10.77 points, to 2,019.55 points. Turnover stood at 17.8 billion yuan (US$2.9 billion) by midday.
The Hunan Bureau of Quality and Technical Supervision yesterday said plasticizers in product samples from Jiugui Liquor Co were 247 percent higher than the national standard. The chemical may cause endocrine disruption.
Kweichow Moutai Co, a leading producer of high-end liquor in China, lost 1.6 percent to 215.05 yuan. Sichuan Tuopai Shede Wine Co fell 3.3 percent to 24.35 yuan. Sichuan Swellfun Co slid 3.3 percent to 19.22 yuan.
Most developers declined after the Ministry of Finance said it is considering expanding the property tax to the whole country. Shanghai Industrial Development Co slumped 3.7 percent to 7.21 yuan. Guangzhou Pearl River Industrial Development Co decreased 2.9 percent to 9.60 yuan.
China's manufacturing activity regained momentum last month, adding signs to economic recovery. HSBC's Flash China Purchasing Managers' Index, the earliest indicator of the nation's manufacturing activity rose to a 13-month high of 50.4 in November, from October's final reading of 49.5.
The figure reflects easing pressure on the destocking process and suggests the nation's economy has bottomed out and is on road to recovery, said Qu Hongbin, HSBC's chief economist for China.
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