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Shanghai stocks gain as distilleries recover from blow
By Ye Zhen |
November 23, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks advanced in morning trading as liquor producers recovered from yesterday's plunge on speculation their shares were oversold.
The key Shanghai Composite Index rose 0.73 percent, or 14.68 points, to 2,030.29 points. Turnover was 21 billion yuan (US$3.4 billion) by midday.
Distilleries rallied this morning after tumbling yesterday on a tainted liquor scandal. Kweichow Moutai Co, a leading producer of high-end liquor in China, rose 1.2 percent 219.95 yuan. Sichuan Tuopai Shede Wine Co added 1.8 percent to 24.20 yuan. Shanxi Xinghuacun Fen Wine Factory Co climbed 3.8 percent to 38.15 yuan.
Analysts remained upbeat about the liquor industry. China Galaxy Securities said the plasticizer contamination incident will raise public attention to product safety and help the sector to develop better.
What is more, the sales of listed distilleries are still robust as the Spring Festival draws near, the brokerage added.
Coal producers gained as the government is considering to lift its control on thermal coal prices. China Shenhua Energy Co, the nation's biggest coal producer, added 0.8 percent to 21.69 yuan. Shanxi Lanhua Sci-Tech Venture Co rose 1.4 percent to 17.81 yuan. Yang Quan Coal Industry (Group) Co grew 1.1 percent to 13.13 yuan.
Insurers also advanced. China Life Insurance, the country's biggest insurer, expanded 2.6 percent to 17.73 yuan. Ping An Insurance Co, China's second largest insurer, increased 2.8 percent to 37.51 yuan. China Pacific Insurance (Group) Co added 2.2 percent to 17.05 yuan.
The key Shanghai Composite Index rose 0.73 percent, or 14.68 points, to 2,030.29 points. Turnover was 21 billion yuan (US$3.4 billion) by midday.
Distilleries rallied this morning after tumbling yesterday on a tainted liquor scandal. Kweichow Moutai Co, a leading producer of high-end liquor in China, rose 1.2 percent 219.95 yuan. Sichuan Tuopai Shede Wine Co added 1.8 percent to 24.20 yuan. Shanxi Xinghuacun Fen Wine Factory Co climbed 3.8 percent to 38.15 yuan.
Analysts remained upbeat about the liquor industry. China Galaxy Securities said the plasticizer contamination incident will raise public attention to product safety and help the sector to develop better.
What is more, the sales of listed distilleries are still robust as the Spring Festival draws near, the brokerage added.
Coal producers gained as the government is considering to lift its control on thermal coal prices. China Shenhua Energy Co, the nation's biggest coal producer, added 0.8 percent to 21.69 yuan. Shanxi Lanhua Sci-Tech Venture Co rose 1.4 percent to 17.81 yuan. Yang Quan Coal Industry (Group) Co grew 1.1 percent to 13.13 yuan.
Insurers also advanced. China Life Insurance, the country's biggest insurer, expanded 2.6 percent to 17.73 yuan. Ping An Insurance Co, China's second largest insurer, increased 2.8 percent to 37.51 yuan. China Pacific Insurance (Group) Co added 2.2 percent to 17.05 yuan.
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