Banks down, spirits up: Coronavirus reshapes China stock values

Consumer goods and technology edge out old economy shares related to investment

20200701 ICBC and  Kweichow Moutai

ICBC lost its crown to liquor giant Kweichow Moutai. (Nikkei montage/Reuters)

NARAYANAN SOMASUNDARAM, Nikkei Asian Review chief banking and financial correspondent

HONG KONG -- After more than 12 straight years as China's most valuable stock, Industrial & Commercial Bank of China lost its crown to liquor giant Kweichow Moutai in June. It is just one example of the changes shaking the world's second-largest economy as the coronavirus pandemic fuels a shift in investor interest.

In the first six months of the year, the old economy sectors -- finance, industry, property and energy -- have all ceded ground to consumer staples, technology and health care, which have attracted customers and investors alike amid lockdowns to contain the virus.

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