Kweichow Moutai rises 1.8% on accusation rebuttal
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E-mail Shanghai Daily, December 12, 2012
Kweichow Moutai Co Tuesday posted the biggest intra-day gain in three months in Shanghai trading after the liquor maker rebutted accusations that its liquor was contaminated.
Kweichow Moutai rose 1.8 percent to close at 202.31 yuan (US$32.39) after they surged as much as 4.6 percent, the biggest gain since September 4.
Test results from three quality inspection institutions, including the National Food Quality Supervision and Inspection Center, showed that samples made by Kweichow Moutai met national safety standards and did not contain excessive levels of plasticizer, the liquor maker said on Monday.
Its shares were suspended from trading on Monday after a netizen claimed that a sample of the company's liquor contained excessive amounts of plasticizer.
But the rebound in the shares is likely to be short-lived as demand for high-end liquor has been falling, analysts said.
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