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Key index rises as drug firms finish up
By Pan Xiaoyi |
September 11, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI'S key stock index reversed earlier losses and ended higher as gains by drug makers offset losses in property developers which were worried over more tightening measures that the central government may launch.
The Shanghai Composite added 0.26 percent, or 6.86 points, to close at 2,663.21, paring this week's losses. Turnover shrank to 134.1 billion yuan (US$19.7 billion) from 157.3 billion yuan on Thursday.
Drug makers continued to pace gains on speculation Japan NDM-1 super bacteria and fatal tick attacks in China's Henan Province will boost demand for their products.
The Ministry of Health ordered medical institutions to be on alert against the drug-resistant bacteria NDM-1, Xinhua news agency reported.
China Meheco Corp jumped by the 10 percent daily cap to 18.12 yuan. Zhejiang Conba Pharmaceutical Co surged 8.3 percent to 17.19 yuan and Tianjin Tasly Pharmaceutical Co climbed 4.3 percent to 34.68 yuan.
Bucking the upward trend, property shares lost after real estate prices in 70 major cities on the Chinese mainland rose 9.3 percent last month, extending their annual gain for the 15th consecutive month. It raised concerns that some adjustments in monetary policy may be unveiled to curb asset bubbles.
Poly Real Estate Co lost 1.8 percent to 11.12 yuan and China Merchants Property Development Co shed 3 percent to end at 17.11 yuan.
The Shanghai Composite added 0.26 percent, or 6.86 points, to close at 2,663.21, paring this week's losses. Turnover shrank to 134.1 billion yuan (US$19.7 billion) from 157.3 billion yuan on Thursday.
Drug makers continued to pace gains on speculation Japan NDM-1 super bacteria and fatal tick attacks in China's Henan Province will boost demand for their products.
The Ministry of Health ordered medical institutions to be on alert against the drug-resistant bacteria NDM-1, Xinhua news agency reported.
China Meheco Corp jumped by the 10 percent daily cap to 18.12 yuan. Zhejiang Conba Pharmaceutical Co surged 8.3 percent to 17.19 yuan and Tianjin Tasly Pharmaceutical Co climbed 4.3 percent to 34.68 yuan.
Bucking the upward trend, property shares lost after real estate prices in 70 major cities on the Chinese mainland rose 9.3 percent last month, extending their annual gain for the 15th consecutive month. It raised concerns that some adjustments in monetary policy may be unveiled to curb asset bubbles.
Poly Real Estate Co lost 1.8 percent to 11.12 yuan and China Merchants Property Development Co shed 3 percent to end at 17.11 yuan.
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