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China stocks fall as liquor giant Kweichow Moutai misses growth estimates

China stocks ended lower on Monday, dragged down by the consumer sector after the country's largest liquor maker Kweichow Moutai posted slower-than-expected growth in quarterly profit. Kweichow Moutai Co Ltd dropped as much as 6.7% after the company said its net profit grew 6.9% to 11.2 billion yuan ($1.67 billion) in the third quarter, missing analysts' estimates.

Reuters | Shanghai | Updated: 26-10-2020 13:02 IST | Created: 26-10-2020 12:58 IST
China stocks fall as liquor giant Kweichow Moutai misses growth estimates
Representative image Image Credit: Piqsels

China stocks ended lower on Monday, dragged down by the consumer sector after the country's largest liquor maker Kweichow Moutai posted slower-than-expected growth in quarterly profit. ** At the close, the Shanghai Composite index was down 0.82% at 3,251.12, while the blue-chip CSI300 index was down 0.58%. ** The consumer staples sector fell 1.35%. Kweichow Moutai Co Ltd dropped as much as 6.7% after the company said its net profit grew 6.9% to 11.2 billion yuan ($1.67 billion) in the third quarter, missing analysts' estimates. ** The smaller Shenzhen index ended up 0.46% and the start-up board ChiNext Composite index was higher by 0.65%.

** Investors' focus is 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. ** Around the region, MSCI's Asia ex-Japan stock index was little changed, while Japan's Nikkei index closed down 0.09%.

** The largest percentage losses in the Shanghai index were Jinhui Liquor Co Ltd down 9.99%, followed by FuJian YanJing HuiQuan Brewery Co Ltd losing 9.97% and Everbright Securities Co Ltd down by 9.94%.


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