November 17, 2017 / 5:05 AM / a month ago

Shanghai stocks set for worse week in 3 months; Hong Kong up

SHANGHAI, Nov 17 (Reuters) - Shanghai’s stock market fell on Friday, on track to post its biggest weekly loss in three months, with sentiment soured by a sharp correction in alcohol producer Kweichou Moutai, seen as a bellwether among Chinese blue chips.

The Shanghai Composite Index lost 0.6 percent, to 3,380.63 points by the lunch break, declining 1.5 percent so far this week. The CSI300 index fell 0.1 percent, to 4,099.12 points.

Shares in Kweichou Moutai, the world’s most valuable liquor maker, slumped as much as 6 percent from Thursday’s record closing, before recovering some losses, after the company flagged risks to investors.

In a statement, Moutai, whose shares have more than doubled this year, said it hopes investors can be rational and manage risks prudently.

Sector performance was mixed.

The financial sector sub-index rose 0.62 percent, while the consumer staples sector fell 2.6 percent and the healthcare sub-index slipped 0.70 percent.

The largest percentage gainers in the main SSEC index were SJEC Corp up 10.03 percent, followed by Anhui Conch Cement Co Ltd, gaining 4.48 percent and Sany Heavy Industry Co Ltd, up 4.16 percent.

The largest percentage losers were Ginwa Enterprise Group Inc, down 8.89 percent, followed by Shandong Tyan Home Co Ltd, losing 7.76 percent and Hebei Jinniu Chemical Industry Co Ltd down by 6.71 percent.

HONG KONG

In Hong Kong, the Hang Seng index added 0.8 percent, to 29,250.09 points, while the Hong Kong China Enterprises Index gained 1.1 percent, to 11,663.37.

The sub-index of the Hang Seng index tracking energy shares dipped 0.4 percent while the IT sector rose 1.9 percent.

The top gainers among H-shares were Anhui Conch Cement Co Ltd up 6.09 percent, followed by Air China Ltd gaining 3.45 percent and China Construction Bank Corp up by 2.99 percent.

The three biggest H-shares percentage decliners were China Longyuan Power Group Corp Ltd, which lost 2.15 percent, China Galaxy Securities Co Ltd off 1.8 percent and China Shenhua Energy Co Ltd down by 1.6 percent.

Reporting by Shanghai Newsroom; Editing by Jacqueline Wong

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