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Shanghai stocks drop 0.36% in morning trading
By Ye Zhen |
November 21, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks fell this morning after liquor companies slumped on media reports that their products were tainted with plasticizers, offsetting a rise in financial stocks boosted by new policies.
The benchmark Shanghai Composite Index lost 0.36 percent, or 7.16 points, to 2,001.76 points. Turnover was 16.9 billion yuan (US$2.7 billion) by the noon break.
Distilleries continued the bear run after the 21st Century Business Herald reported that some products of Jiugui Liquor Co contained an excessive amount of plasticizing agent that may cause endocrine disruption.
Kweichow Moutai Co, a leading producer of high-end liquor in China, lost 1.4 percent to 212.90 yuan. Sichuan Tuopai Shede Wine Co dropped 5.5 percent to 24 yuan. Shanxi Xinghuacun Fen Wine Factory Co decreased 3.1 percent to 35.56 yuan. Sichuan Swellfun Co slumped 4.9 percent to 19.33 yuan.
Financial stocks gained after the China Securities Regulatory Commission introduced a raft of new measures to crack down on insider trading, expand funding channels and relax regulatory control on brokerages.
The commission also said it is considering raising the current investment cap of US$1 billion for Qualified Foreign Institutional Investors as capital inflows under the QFII program continue to accelerate.
Insurers advanced after the CSRC yesterday said it plans to allow insurance companies to enter the mutual fund business. Ping An Insurance Co, China's second largest insurer, rose 1.1 percent to 35.73 yuan. China Pacific Insurance (Group) Co added 0.1 percent to 16.50 yuan.
Brokerages rallied as the CSRC lowered the benchmark of calculating their risk capital reserve. CITIC Securities, China's biggest listed brokerage, climbed 1.1 percent to 10.55 yuan. Haitong Securities Co added 1.1 percent to 8.39 yuan. Sinolink Securities Co rose 1.5 percent to 15.39 yuan.
The benchmark Shanghai Composite Index lost 0.36 percent, or 7.16 points, to 2,001.76 points. Turnover was 16.9 billion yuan (US$2.7 billion) by the noon break.
Distilleries continued the bear run after the 21st Century Business Herald reported that some products of Jiugui Liquor Co contained an excessive amount of plasticizing agent that may cause endocrine disruption.
Kweichow Moutai Co, a leading producer of high-end liquor in China, lost 1.4 percent to 212.90 yuan. Sichuan Tuopai Shede Wine Co dropped 5.5 percent to 24 yuan. Shanxi Xinghuacun Fen Wine Factory Co decreased 3.1 percent to 35.56 yuan. Sichuan Swellfun Co slumped 4.9 percent to 19.33 yuan.
Financial stocks gained after the China Securities Regulatory Commission introduced a raft of new measures to crack down on insider trading, expand funding channels and relax regulatory control on brokerages.
The commission also said it is considering raising the current investment cap of US$1 billion for Qualified Foreign Institutional Investors as capital inflows under the QFII program continue to accelerate.
Insurers advanced after the CSRC yesterday said it plans to allow insurance companies to enter the mutual fund business. Ping An Insurance Co, China's second largest insurer, rose 1.1 percent to 35.73 yuan. China Pacific Insurance (Group) Co added 0.1 percent to 16.50 yuan.
Brokerages rallied as the CSRC lowered the benchmark of calculating their risk capital reserve. CITIC Securities, China's biggest listed brokerage, climbed 1.1 percent to 10.55 yuan. Haitong Securities Co added 1.1 percent to 8.39 yuan. Sinolink Securities Co rose 1.5 percent to 15.39 yuan.
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