26 Oct, Beijing: Chinese shares rose for a fifth consecutive trading day, marked by strong performance of liquor and infrastructure industries Thursday.
The benchmark Shanghai Composite Index edged up 0.31 percent to close at 3,407.57 points, its highest close since the end of 2015. The Shenzhen Component Index closed 0.21 percent higher at 11,461.28 points, its highest close in 2017.
Combined turnover on the two bourses rose to 512.3 billion yuan (around 77.3 billion U.S. dollars), from 389.5 billion yuan the previous trading day.P Shares in the beverage industry led the gains during morning trading, with Kweichow Moutai, China’s top liquor brand, surging to a new high after the company reported better-than-expected profit growth.
The company’s shares rose 6.95 percent to 605 yuan per share, exceeding the 600-yuan mark for the first time in its history.
Kweichow Moutai currently has the highest stock price on China’s A-share market. The price stood at 605.09 yuan, touching as high as 613 yuan in the morning session after it said its net profits surged 60.3 percent in the first three quarters, fueled by strong sales.
Other alcohol producers also saw gains, with shares of Wuliangye Group Co., Ltd and Luzhou Laojiao Co., Ltd up 3.24 percent and 1.85 percent, respectively.
Shares related to the high-speed rail industry led the gain, with axle provider Jinxi Axle Co., Ltd, electric railway manufacturer Tianjin Keyvia Electric Co., Ltd and other five stocks surging by the daily limit of 10 percent.
The market showed optimism after China’s objectives for future development were outlined at the 19th National Congress of the Communist Party of China.
Bucking the trend, shares of car producers, banking and medical reform declined, with Agricultural Bank of China losing 1.86 percent and genomic solutions provider BGI falling 0.04 percent. Xinhua