Sectoral gains not enough to lift shares
Print Edition
SHANGHAI stocks closed almost flat yesterday despite gains made by energy producers and health care companies.
The Shanghai Composite Index edged down 0.01 percent to 3,016.85 points.
Medical companies received a shot in the arm after the National Development and Reform Commission said that the financing of all public hospitals would mainly depend on health care services and government compensation by 2020, rather than markup from selling drugs.
Ningbo Sanxing Medical Electric Co increased 1.43 percent to 15.56 yuan (US$2.33), and Topchoice Medical Corp added 2.94 percent to 32.92 yuan.
Meidu Energy Corp added 1.04 percent and Hainan Mining Co edged up 0.93 percent to 11.99 yuan as investors turned to commodities to avoid riskier assets.
Financial shares fell on news that bad loans in China’s banking sector exceeded 2 trillion yuan at the end of May, with the bad loan ratio at 2.15 percent.
The Agricultural Bank of China dipped 0.32 percent to 3.10 yuan, and Industrial Bank declined 0.13 percent to 15.29 yuan.
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