Shares of Chinese liquor makers fall, with Kweichow Moutai and Wuliangye among the biggest drags on the benchmark CSI 300 Index.
Moutai drops as much as 3.3%, the biggest drag on the CSI 300 Index, which declines as much as 1.1%
Wuliangye also loses as much as 3.3%, Jiangsu King’s Luck -6.2%, Shanxi Xinghuacun Fen Wine -3.7%, Anhui Gujing -3.9%
Moutai organized a week-long special training for its sales team, stressing on product price stability, ahead of the Mid-Autumn Festival next month and the National Day holiday in October, according to a Wednesday posting by a WeChat account on liquor industry news
Prices of all Moutai products have dropped marginally in Beijing recently, with its flagship liquor down about 200 yuan to around 2,800 yuan
Capital Securities analyst Gu Xiangjun says liquor shares have had sizable gains recently, adding pullback on Thursday could be “temporary”
Moutai added a total of 7.6% over a three-day rally through Wednesday and Wuliangye rose 5.4% during the period
Kweichou Moutai and Wuliangye are the largest and fourth largest stocks on the CSI 300. That might surprise some people since it is unusual for liquor companies to occupy such large weightings in large economies.Click HERE to subscribe to Fuller Treacy Money Back to top