China Stocks: Kweichow Moutai, Shanghai Fosun Pharmaceutical
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of the close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, climbed 1.6 point, or 0.1 percent, to 2,410.23 at the close. The CSI 300 Index (SHSZ300) slipped 0.3 point to 2,657.21.
Shanghai Fosun Pharmaceutical (Group) Co. (600196) (600196 CH) climbed 3.2 percent to 10.15 yuan. Zhejiang Hisun Pharmaceutical Co. (600267) (600267 CH) jumped 4.3 percent to 26.74 yuan. China’s Ministry of Industry and Information Technology is preparing measures to push for mergers and consolidation in the nation’s pharmaceutical industry, the Shanghai Securities News reported today, citing Wang Xuegong, an official at the ministry.
Liquor maker Kweichow Moutai Co. (600519) (600519 CH), the biggest producer of baijiu liquor, fell 1.4 percent to 227.70 yuan, leading a gauge of consumer staples to the biggest drop among industry groups on speculation a rally to a record high was excessive.
A gauge of consumer staples producers in the CSI 300 slid 0.5 percent, the most among the 10 industry groups. The consumer measure trades at 19.6 times estimated earnings, compared with 11.2 times for the broader CSI 300 gauge.
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