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A dose of medicine for key index
By Pan Xiaoyi |
January 23, 2009, Friday
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Print Edition
Print Edition
SHANGHAI'S key stock index rose yesterday, led by pharmaceutical companies after the Chinese government said it will improve the country's health care system.
The Shanghai Composite Index gained 1 percent, or 19.93 points, to close at 2,004.95. Gainers outnumbered losers 644 to 178, and 31 stocks remained unchanged. Turnover shrank a little to 66.5 billion yuan (US$9.78 billion), up from 68 billion yuan yesterday.
"Drug makers were boosted by the government's plans to improve the country's health care and this boosted the index at the opening," said Hu Yue, an analyst at Jiangnan Securities Co. "However, investors became cautious again after the announcement of macro-economic figures in the morning."
China said late Wednesday after the market was closed that it will invest 850 billion yuan (US$124 billion) over three years to help expand medical care coverage.
Shinva Medical Instrument Co and Beijing Wandong Medical Equipment Co jumped by the 10-percent daily cap to 10.32 yuan and 7.55 yuan respectively. Yunnan Baiyao Group Co, a traditional Chinese medicine maker, added 1.71 percent to 32.77 yuan.
The National Bureau of Statistics yesterday said the country's economic growth cooled to 9 percent last year, the slowest pace in seven years. Shares fell immediately after the data were disclosed, but market sentiment rallied as the figure was in line with expectations.
Elsewhere, Pingdingshan Tian'an Coal Mining Co led solid fuel producers higher after saying profit for last year more than doubled from the year earlier. Pingdingshan Tian'an gained 6.83 percent to 18.14 yuan. China Shenhua Energy Co, the nation's biggest coal producer, climbed 4.38 percent to 20.24 yuan.
"It is very likely that the rebound in the market will continue," Shenyin and Wanguo Securities said.
The Shanghai Composite Index gained 1 percent, or 19.93 points, to close at 2,004.95. Gainers outnumbered losers 644 to 178, and 31 stocks remained unchanged. Turnover shrank a little to 66.5 billion yuan (US$9.78 billion), up from 68 billion yuan yesterday.
"Drug makers were boosted by the government's plans to improve the country's health care and this boosted the index at the opening," said Hu Yue, an analyst at Jiangnan Securities Co. "However, investors became cautious again after the announcement of macro-economic figures in the morning."
China said late Wednesday after the market was closed that it will invest 850 billion yuan (US$124 billion) over three years to help expand medical care coverage.
Shinva Medical Instrument Co and Beijing Wandong Medical Equipment Co jumped by the 10-percent daily cap to 10.32 yuan and 7.55 yuan respectively. Yunnan Baiyao Group Co, a traditional Chinese medicine maker, added 1.71 percent to 32.77 yuan.
The National Bureau of Statistics yesterday said the country's economic growth cooled to 9 percent last year, the slowest pace in seven years. Shares fell immediately after the data were disclosed, but market sentiment rallied as the figure was in line with expectations.
Elsewhere, Pingdingshan Tian'an Coal Mining Co led solid fuel producers higher after saying profit for last year more than doubled from the year earlier. Pingdingshan Tian'an gained 6.83 percent to 18.14 yuan. China Shenhua Energy Co, the nation's biggest coal producer, climbed 4.38 percent to 20.24 yuan.
"It is very likely that the rebound in the market will continue," Shenyin and Wanguo Securities said.
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