SHANGHAI stocks vacillated between gains and losses this morning as distilleries advanced but cement producers slumped.

The key Shanghai Composite Index added 0.02 percent to 2,220.02 yuan. Turnover was only 29.8 billion yuan (US$4.8 billion) by midday.

"There are too many uncertainties about the market and the dwindling turnover indicates investors are taking a wait-and-see stance," said Damo Investment Co.

Distilleries gained as the Chinese government is to adopt a national standard on plasticizers in liquor within two months.

Kweichow Moutai Co, a leading producer of high-end liquor in China, rose 2.5 percent to 173.19 yuan. Shanxi Xinghuacun Fen Wine Factory Co gained 3.2 percent to 32.60 yuan. Sichuan Tuopai Shede Wine Co notched up 1.9 percent to 20.34 yuan.

Anhui Conch Cement Co, the country's biggest cement producer, lost 0.8 percent to 18.70 yuan. Shaanxi Qinling Cement (Group) Co shed 0.6 percent to 11.76 yuan.

Most property developers were winners. Gemdale Corporation added 0.3 percent to 6.71 yuan after reporting a 12 percent increase in 2012 net profit. Poly Real Estate rose 0.4 percent to 11.66 yuan.