Liquor makers push up shares

Hu Yumo
Shanghai Composite Index sees stocks close slightly lower on Thursday though spirit manufacturers lead gains in agricultural, tourism and media sectors. 
Hu Yumo

Shanghai stocks closed slightly higher on Thursday, led by gains of liquor makers.

The Shanghai Composite Index edged up 0.11 percent to close at 2,883.44 points.

Agriculture stocks, tourism firms and media companies were among the biggest gainers.

Shares of liquor makers rose to push the index up in the afternoon. Chinese liquor giant Kweichow Moutai Co Ltd jumped 3.56 percent to 1,104 yuan (US$155.64) to a record high, lifting market sentiment in the liquor sector and related industries.

The rally made Moutai the fourth-largest listed firm in the A-share market by market value, Reuters reported.

Shares related to glass also performed well after Chinese glass makers raised prices on August 20. Shanghai Securities News reported that several glass makers, including Taiwan Glass Group and Xinyi Glass Holdings Ltd, raised their prices recently. 

Industry analysts said the price increase is expected to continue its momentum as the peak season is coming. Shanghai Securities News also reported that "orders of downstream processing enterprises are rising steadily and traders are preparing goods and actively follow up."

Fuyao Glass Industry Group Co Ltd added 2.34 percent to 21.85 yuan while Shanghai Yaohua Pilkingyon Glass Group Co Ltd rose 0.67 percent to 4.5 yuan.

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