China stocks ease as liquor giant Kweichow Moutai weighs

China Taiping Insurance Holdings

26/10/2020 05:02

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  .SSEC  was
down 0.72% at 3,254.54, while the blue-chip CSI300 index
 .CSI300  was down 0.5%.

** The consumer staples sector  .CSI000912  fell 1.48%. Kweichow
Moutai Co Ltd  600519.SS  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. urn:newsml:reuters.com:*:nP8N2H702Q
    
** The smaller Shenzhen index  .SZSC  was up 0.44%, the start-up
board ChiNext Composite index  .CNT  was higher by 0.45% and
Shanghai's tech-focused STAR50 index  .STAR50  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.  urn:newsml:reuters.com:*:nL4N2HE221
    
** 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.  urn:newsml:reuters.com:*:nL1N2HG0U6
    
** Markets in Hong Kong are closed for a public holiday.
 urn:newsml:reuters.com:*:nL4N2HE2MN
    
** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was barely changed while Japan's Nikkei index
 .N225  was down 0.12%.
    
** The largest percentage losers on the Shanghai index were
FuJian YanJing HuiQuan Brewery Co Ltd  600573.SS , down 9.081%,
followed by China Film Co Ltd  600977.SS , losing 8.683% and
Everbright Securities Co Ltd  601788.SS , down by 7.207%.

($1 = 6.6857 Chinese yuan)

 (Reporting by Winni Zhou and Andrew Galbraith)
 ((winni.zhou@thomsonreuters.com; +86 21 2083 0100; Reuters
Messaging: winni.zhou.thomsonreuters.com@reuters.net))