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China shares close down, Moutai drags
January 22, 2013 / 7:14 AM / 5 years ago

China shares close down, Moutai drags

HONG KONG/SHANGHAI, Jan 22 (Reuters) - Onshore China shares closed down on Tuesday, led by weakness in alcohol producers after retail investors were spooked by a news report the sector accounted for half of the top 10 stocks that fund managers sold off last year.

The CSI300 of the top Shanghai and Shenzhen A-share listings closed down 0.5 percent at 2,596.9, slipping off Monday’s 7-1/2-month closing high. The Shanghai Composite Index closed down 0.6 percent at 2,315.1.

The official Shanghai Securities News reported on Tuesday that Kweichow Moutai - hit by a toxic substance scare and escalating rhetoric against corruption - was the stock that fund managers sold off the most in 2012. However, after an initial decline, Moutai recovered to close up 0.8 percent. (Reporting by Clement Tan and Pete Sweeney; Editing by Jacqueline Wong)

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