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August 24, 2016

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Sectoral gains pull shares higher

SHANGHAI stocks edged up slightly yesterday following gains in healthcare and financial shares but trading was sluggish.

The Shanghai Composite Index added 0.16 percent to end at 3,089.71 points. Turnover fell to 179.2 billion yuan (US$27 billion).

Healthcare shares rose as investors were hopeful that revenue and profit of pharmaceutical firms would rise after reports cited President Xi Jinping as saying at the weekend that reforms would continue in the sector.

Hubei Guangji Pharmaceutical Co surged 6.88 percent to 20.50 yuan. Mayinglong Pharmaceutical Group Co rose 3.46 percent to 21.84 yuan and Joincare Pharmaceutical Group Industry Co gained 8.99 percent to 11.76 yuan.

Financial shares such as Guoyuan Securities climbed 1.06 percent to end at 20.07 yuan and China Construction Bank gained 0.95 percent to close at 5.34 yuan.


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