City stocks in retreat

Shanghai stocks retreated on Wednesday, led by declines among electronics and shipping companies.

The Shanghai Composite Index lost 0.41 percent to close at 2,978.71 points.

Investors exercised caution after shares of liquor makers dropped. Kweichow Moutai Co Ltd fell 3.39 percent to 1,170 yuan (US$164.85). The company's financial report in the third quarter was below market expectations.

Based on the company's third-quarter results on Wednesday, the company reported a 17.1 percent increase in net income, which was the smallest in a year. 

Jinhui Liquor Co Ltd lost 2.47 percent to 16.99 yuan and Wei Long Grape Wine Co Ltd fell 5.37 percent to 8.28 yuan.