Stocks end mixed, dragged by heavyweights

Tracy Li
Kweichou Moutai, producer of China's national liquor, among the big names responsible for the market retreat after it reports slowing business in the third quarter.
Tracy Li

Chinese markets closed Monday mixed, with volume on the two main bourses continuing to shrink.

The benchmark Shanghai Composite Index retreated 0.82 percent to close at 3,251.12 points, dragged mainly by heavyweight names including Kweichou Moutai, producer of China's national liquor.

The smaller Shenzhen Component Index rose 0.48 percent to finish at 13,191.25, while the ChiNext Index gained 0.65 percent to 2,617.74 points.

Volume on the two main bourses was 633.6 billion yuan (US$94.6 billion), compared with 687.7 billion yuan in the previous session.

Leisure services, financials as well as food and beverage companies were among the top losers.

Shares in high-end distiller Kweichow Moutai fell 4.22 percent to close at 1,643.00 yuan per share after the company released a third quarterly report that showed a slowing business performance.

Kang Shuiyue, chairman and chief investment officer of Danyang Investment, said in an interview with Caixin that a Kweichow Moutai slowdown in a single quarter is a short-lived phenomenon which had occurred from time to time.

He said he remained optimistic about the consumer stocks — the most vital sector this year.

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