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China stocks ease as liquor giant Kweichow Moutai weighs

10/26/2020 | 12:02am EDT

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)

ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ANTA SPORTS PRODUCTS LIMITED 2.99% 158.4 End-of-day quote.28.89%
BEIJING URBAN-RURAL COMMERCIAL (GROUP) CO.,LTD. 0.57% 15.89 End-of-day quote.-11.03%
CHINA FILM CO.,LTD. -2.83% 12 End-of-day quote.-3.69%
CHINA PETROLEUM & CHEMICAL CORPORATION 1.75% 4.66 End-of-day quote.15.63%
CNOOC LIMITED 1.33% 9.14 End-of-day quote.27.30%
CSPC PHARMACEUTICAL GROUP LIMITED 1.80% 12.46 End-of-day quote.57.12%
ECOVACS ROBOTICS CO., LTD. 1.76% 193.19 End-of-day quote.118.32%
EVERBRIGHT SECURITIES COMPANY LIMITED -2.38% 17.23 End-of-day quote.-6.97%
FUJIAN TORCH ELECTRON TECHNOLOGY CO., LTD. -3.74% 59.39 End-of-day quote.-17.86%
FUJIAN YANJING HUIQUAN BREWERY CO.,LTD -1.65% 11.34 End-of-day quote.-2.99%
KWEICHOW MOUTAI CO., LTD. -2.67% 2178.81 End-of-day quote.9.05%
MEITUAN 3.09% 307.2 End-of-day quote.4.28%
MSCI AC ASIA EX JAPAN (STRD) 0.38% 891.89 Real-time Quote.5.41%
NIKKEI 225 -0.03% 28948.73 Real-time Quote.5.48%
S&P/CITIC 300 INDEX 0.00% 4675.13 Delayed Quote.1.78%
S&P/CITIC 50 INDEX 0.04% 4673.81 Delayed Quote.0.21%
SHANGHAI A INDEX -0.59% 3762.6536 Real-time Quote.3.36%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.14% 6.40035 Delayed Quote.-1.60%
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