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Shanghai shares drop on weaker drug firms
By Feng Jianmin |
June 18, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI stocks went slightly lower on weaker drug makers as institutional investors retreated on concerns that the central government may step up measures to control medicine prices.
The benchmark Shanghai Composite Index edged down 0.54 percent, or 13.72 points, to close at 2,546.53. Turnover was 35.3 billion yuan (US$5.18 billion).
The Shenzhen Composite Index, which covers the smaller mainland exchange, lost 1.71 percent to 1,031.59 points.
Harbin Pharmaceutical Group Co sled 5.49 percent to 19.12 yuan. Guangzhou Phamaceutical Co eased 5.27 percent to 10.60 yuan. Beijing Tongrentang Co went down 5.26 percent to 24.52 yuan.
Banks and property developers outperformed the market. Industrial and Commercial Bank of China edged up 0.71 percent to 4.26 yuan. China Construction Bank added 0.83 percent to 4.86 yuan. China Vanke added 0.7 percent to 7.15 yuan. Gemdale Corp grew 1.47 percent to 6.90 yuan.
Gold miners went mixed after the bullion price for August delivery hit a record high of US$1,248.7 in New York market. Zhongjin Gold Corp went up 1.21 percent to 57.50 yuan. Shandong Goldmining went up 0.79 percent to 39.75 yuan. Zijin Mining Group Co lost 0.57 percent to 6.93 yuan.
Steel mills were flat on the central government's measures to reconstruct the industry and knock out lagged production capacities. Wuhan Iron & Steel Co edged up 0.43 percent to 4.65 yuan. Baoshan Iron & Steel Co inched down 0.16 percent to 6.06 yuan. Angang Steel Co was unchanged at 7.71 yuan.
The benchmark Shanghai Composite Index edged down 0.54 percent, or 13.72 points, to close at 2,546.53. Turnover was 35.3 billion yuan (US$5.18 billion).
The Shenzhen Composite Index, which covers the smaller mainland exchange, lost 1.71 percent to 1,031.59 points.
Harbin Pharmaceutical Group Co sled 5.49 percent to 19.12 yuan. Guangzhou Phamaceutical Co eased 5.27 percent to 10.60 yuan. Beijing Tongrentang Co went down 5.26 percent to 24.52 yuan.
Banks and property developers outperformed the market. Industrial and Commercial Bank of China edged up 0.71 percent to 4.26 yuan. China Construction Bank added 0.83 percent to 4.86 yuan. China Vanke added 0.7 percent to 7.15 yuan. Gemdale Corp grew 1.47 percent to 6.90 yuan.
Gold miners went mixed after the bullion price for August delivery hit a record high of US$1,248.7 in New York market. Zhongjin Gold Corp went up 1.21 percent to 57.50 yuan. Shandong Goldmining went up 0.79 percent to 39.75 yuan. Zijin Mining Group Co lost 0.57 percent to 6.93 yuan.
Steel mills were flat on the central government's measures to reconstruct the industry and knock out lagged production capacities. Wuhan Iron & Steel Co edged up 0.43 percent to 4.65 yuan. Baoshan Iron & Steel Co inched down 0.16 percent to 6.06 yuan. Angang Steel Co was unchanged at 7.71 yuan.
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