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China stocks ease as liquor giant Kweichow Moutai weighs

10/26/2020 | 12:02am EST

SHANGHAI, Oct 26 (Reuters) - China stocks fell on Monday, dragged lower by the country's largest liquor maker Kweichow Moutai after it posted a slower-than-expected growth in the third quarter.

** At the midday break, the Shanghai Composite index was down 0.72% at 3,254.54, while the blue-chip CSI300 index was down 0.5%. ** The consumer staples sector fell 1.48%. Kweichow Moutai Co Ltd dropped as much as 6.7% after the company said its net profit grew 11.2 billion yuan ($1.68 billion) in the third quarter, up 6.9% from a year ago, missing forecasts.

** The smaller Shenzhen index was up 0.44%, the start-up board ChiNext Composite index was higher by 0.45% and Shanghai's tech-focused STAR50 index was up 1.54%.

** Investors now focus on a key policy meeting this week, starting Monday, where China's top leaders will chart the country's economic course for 2021-2025, seeking to balance growth and reforms to avoid stagnation.

** China's Ant Group's Shanghai listing was also on investors' radar. The company could raise up to $17.3 billion in the Shanghai leg of the likely $35 billion dual listing, the world's largest ever, sources told Reuters.

** Markets in Hong Kong are closed for a public holiday.

** Around the region, MSCI's Asia ex-Japan stock index was barely changed while Japan's Nikkei index was down 0.12%.

** The largest percentage losers on the Shanghai index were FuJian YanJing HuiQuan Brewery Co Ltd, down 9.081%, followed by China Film Co Ltd, losing 8.683% and Everbright Securities Co Ltd, down by 7.207%. ($1 = 6.6857 Chinese yuan) (Reporting by Winni Zhou and Andrew Galbraith)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ANTA SPORTS PRODUCTS LIMITED 3.29% 106.6 End-of-day quote.52.83%
BEIJING URBAN-RURAL COMMERCIAL (GROUP) CO.,LTD. -2.58% 18.88 End-of-day quote.121.86%
CHINA FILM CO.,LTD. 1.37% 13.3 End-of-day quote.-12.61%
CHINA PETROLEUM & CHEMICAL CORPORATION 0.71% 4.26 End-of-day quote.-16.63%
CNOOC LIMITED 0.84% 9.6 End-of-day quote.-25.93%
CSPC PHARMACEUTICAL GROUP LIMITED -2.06% 7.6 End-of-day quote.-21.46%
ECOVACS ROBOTICS CO., LTD. -3.55% 66.74 End-of-day quote.228.93%
EVERBRIGHT SECURITIES COMPANY LIMITED 0.22% 18.63 End-of-day quote.42.21%
FUJIAN TORCH ELECTRON TECHNOLOGY CO., LTD. -0.23% 46.89 End-of-day quote.104.40%
FUJIAN YANJING HUIQUAN BREWERY CO., LTD. 1.25% 9.7 End-of-day quote.46.08%
KWEICHOW MOUTAI CO.,LTD. 0.43% 1734.39 End-of-day quote.46.61%
MEITUAN DIANPING 4.90% 308 End-of-day quote.202.26%
MSCI AC ASIA EX JAPAN (STRD, UHD) 0.19% 808.297 Real-time Quote.16.17%
NIKKEI 225 0.40% 26644.71 Real-time Quote.12.63%
S&P/CITIC 300 INDEX 0.00% 4327.53 Delayed Quote.21.84%
S&P/CITIC 50 INDEX 0.00% 4367.5 Delayed Quote.16.87%
SHANGHAI A INDEX 1.15% 3572.443 Real-time Quote.11.78%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.00% 6.5734 Delayed Quote.-5.64%
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