Shanghai stocks notch fifth straight week of wins

Huang Yixuan
Liquor shares were among the day's biggest losers, with industry leader Kweichow Moutai dropping to multi-month lows. Home appliance firms also suffered.
Huang Yixuan

Shanghai stocks retreated slightly on Friday, but still managed to close out a fifth consecutive week in positive territory.

The benchmark Shanghai Composite Index edged down 0.05 percent to 3,083.79 points, and the blue chip CSI300 Index closed 0.18 percent lower at 4,144.96 points. The smaller Shenzhen Component Index, however, rose 0.17 percent to 10,656.41 points, while the ChiNext Composite Index advanced by 0.18 percent to 1,832.74 points.

Turnover on the two major bourses totaled 695.4 billion yuan (US$99.8 billion), 56.1 billion yuan less than the previous session. Overseas capital continued to flow into the Chinese mainland market via the Stock Connect schemes, posting a net influx of 3.36 billion yuan by the close of trading.

Liquor shares were among the big decliners. Leading firm Kweichow Moutai extended its recent slump, falling by 4.55 percent to its lowest level since mid-September, as revenue and net profit growth in 2019 fell short of expectations.

Anhui Gujing Distillery Co fell 3.01 percent, while Anhui Kouzi Distillery Co shed 2.46 percent.

Home appliance firms were also among the losers, with Haier Smart Home Co closing 3.92 percent lower and Midea Group Co down 2.49 percent.

Real estate companies, transportation shares, and the catering and tourism sector also posted declines, while media firms, computer companies and the communication industry performed well.

On the STAR Market, 45 of the total 70 listed companies gained on the day.

For the week, the Shanghai Composite Index was up 2.63 percent, extending its rally to a fifth week in a row. Total turnover also expanded to 1.11 trillion yuan compared with last week's 1.03 trillion yuan.

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