China stocks fall as liquor giant Kweichow Moutai misses growth estimates

Credit: REUTERS/ALY SONG

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.[nP8N2H702Q]

SHANGHAI, Oct 26 (Reuters) - 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 .SSEC was down 0.82% at 3,251.12, while the blue-chip CSI300 index .CSI300 was down 0.58%.

** The consumer staples sector .CSI000912 fell 1.35%. Kweichow Moutai Co Ltd 600519.SS 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 .SZSC ended up 0.46% and the start-up board ChiNext Composite index .CNT 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 .MIAPJ0000PUS was little changed, while Japan's Nikkei index .N225 closed down 0.09%.

** The largest percentage losses in the Shanghai index were Jinhui Liquor Co Ltd 603919.SS down 9.99%, followed by FuJian YanJing HuiQuan Brewery Co Ltd 600573.SS losing 9.97% and Everbright Securities Co Ltd 601788.SS down by 9.94%.

($1 = 6.6876 Chinese yuan)

(Reporting by Winni Zhou and Andrew Galbraith; Editing by Aditya Soni)

((winni.zhou@thomsonreuters.com; +86 21 2083 0100; Reuters Messaging: winni.zhou.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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