Markets close lower, weighed down by biomedicals
Print Edition
CHINA’S equities markets closed lower yesterday, with falls in biomedicals, brewing and electronics leading the losses.
Dragged down by biomedical companies, the Shanghai Composite Index reversed its moderate gains in the morning trading session to finish lower by 0.16 percent, or 4.54 points, at 2869.05.
The biomedical sector saw broad-based losses, with the sub-index shedding 2.89 percent.
The Shenzhen Component Index dipped 1.23 percent to 9181.94 points, while the Nasdaq-style ChiNext enterprise board posted a loss of 2.19 percent, finishing at 1559.64.
ChongQing ZhiFei Biological Products, a high-tech enterprise engaged in developing, producing and marketing vaccines, saw its shares plunge by the daily limit of 10 percent to close at 37.18 yuan (US$5.45).
Great Wall Securities noted that the recent vaccine scandal around Changchun Changsheng Bio-tech Co, a major vaccine producer in China accused of supplying substandard products, will continue to weigh on the biomedical industry in the near term.
The incident may lead to an increasingly stringent regulatory system, industry insiders said.
Analysts believe that this will hit the profits and valuations of biomedical companies in the second half.
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