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Shanghai index dips slightly in morning session
By Ye Zhen |
November 26, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks fell this morning, dragged by liquor producers as shareholders fear the plasticizer contamination incident will hurt their profitability.
The Shanghai Composite Index shed 0.04 percent, or 0.82 points, to 2,026.57 points. Turnover was 17.7 billion yuan (US$2.9 billion) by midday.
Distilleries continued a weak run after liquor samples from JiuGuiJiu Co were found to contain excessive levels of a plasticizing agent.
"The tainted liquor scandal may act as a catalyst to quicken the cyclical decrease in earnings for liquor makers who already face pressure from the government's cut of spending on receptions," said Sun Zheng, analyst with Dongxing Securities.
Kweichow Moutai Co, a leading producer of high-end liquor in China, fell 1.7 percent 218.35 yuan. Sichuan Tuopai Shede Wine Co slumped 3.8 percent to 23 yuan. Shanxi Xinghuacun Fen Wine Factory Co shed 2.8 percent to 36.80 yuan.
Most coal producers also declined. Guizhou Panjiang Refined Coal Co dropped 4.5 percent to 14.05 yuan. Shanxi Lu'an Environmental Energy Development Co lost 1.4 percent to 16.43 yuan.
Ship builders and aircraft manufacturers advanced after two J-15 jet fighters successfully took off and landed on China's first aircraft carrier. China CSSC Holdings Ltd rose 3.6 percent to 20.19 yuan. CSSC Jiangnan Heavy Industry Co climbed 2.4 percent to 13.12 yuan. Hafei Aviation Industry Co gained 2.6 percent to 15.93 yuan. Xi'An Aero-Engine Plc added 1.4 percent to 11.26 yuan.
The Shanghai Composite Index shed 0.04 percent, or 0.82 points, to 2,026.57 points. Turnover was 17.7 billion yuan (US$2.9 billion) by midday.
Distilleries continued a weak run after liquor samples from JiuGuiJiu Co were found to contain excessive levels of a plasticizing agent.
"The tainted liquor scandal may act as a catalyst to quicken the cyclical decrease in earnings for liquor makers who already face pressure from the government's cut of spending on receptions," said Sun Zheng, analyst with Dongxing Securities.
Kweichow Moutai Co, a leading producer of high-end liquor in China, fell 1.7 percent 218.35 yuan. Sichuan Tuopai Shede Wine Co slumped 3.8 percent to 23 yuan. Shanxi Xinghuacun Fen Wine Factory Co shed 2.8 percent to 36.80 yuan.
Most coal producers also declined. Guizhou Panjiang Refined Coal Co dropped 4.5 percent to 14.05 yuan. Shanxi Lu'an Environmental Energy Development Co lost 1.4 percent to 16.43 yuan.
Ship builders and aircraft manufacturers advanced after two J-15 jet fighters successfully took off and landed on China's first aircraft carrier. China CSSC Holdings Ltd rose 3.6 percent to 20.19 yuan. CSSC Jiangnan Heavy Industry Co climbed 2.4 percent to 13.12 yuan. Hafei Aviation Industry Co gained 2.6 percent to 15.93 yuan. Xi'An Aero-Engine Plc added 1.4 percent to 11.26 yuan.
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