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Moutai Adds $32 Billion to Market Value on Best Day in Six Years

  • Consumer staples gauge also books its biggest gain since 2015
  • Materials largest losers as power-supply crunch affects output
Baijiu Production Inside China's Biggest Distiller Kweichow Moutai Co.
Photographer: Qilai Shen/Bloomberg
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Kweichow Moutai’s shares recorded their biggest jump since April 2015 after the Chinese liquor giant’s new chairman pledged long-term reforms, lifting optimism on its growth outlook.

The stock closed 9.5% higher, adding nearly $32 billion to its market value and contributing more than half of the point gains in the benchmark CSI 300 Index. Other liquor producers also rose, pushing a subgauge of the consumer staples sector up by 7.4%, its best day in more than six years.