Liquor makers bring cheer to stock market
China’s stocks edged up on Tuesday, led by the medical industry and liquor makers.
At close, the benchmark Shanghai Composite Index climbed 0.20 percent to 3,320.89 points, while the smaller Shenzhen Component Index advanced 0.65 percent to 13,536.17 points.
The blue chip CSI300 Index increased 0.23 percent to 4,691.04 points and the ChiNext Composite Index startup board advanced 1.45 percent to 2,736.51 points.
Turnover on the two major bourses shrank to 1.10 trillion yuan (US$157.88 billion) from 1.19 trillion yuan on the previous trading day.
Liquor makers and the medical industry achieved solid gains, with share prices in the liquor sector advancing 1.48 percent and the medical industry gaining 3.09 percent.
Sinocare Inc, Zhende Medical Co Ltd and Xi’an International Medical Investment Co Ltd in the medical sector hit the daily cap of 10 percent. Major liquor maker Wuliangye Yibin Co Ltd advanced by 1.93 percent.
Tianfeng Securities said: “Leading liquor brands such as Luzhou Laojiao Co Ltd plan to raise prices, which indicates the strong demand for liquor, especially high-end liquor.”