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Shares rise on stronger drug producers
By Pan Xiaoyi |
September 10, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index reversed earlier losses and ended higher as gains by drug makers offset losses in property developers, which underperformed the market on concerns over more tightening measures.
The benchmark Shanghai Composite added 0.26 percent, or 6.86 points, to close at 2,663.21 points, paring this week's losses. Turnover shrank to 134.1 billion yuan (US$19.7 billion) from 157.3 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, rose 0.7 percent to close at 1,187.44 points.
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. 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 year-on-year gain for the 15th consecutive month. It raised concerns about some adjustments in monetary policy to curb asset bubbles.
And the concerns intensified as the National Bureau of Statistics decided to release Consumer Price Index, Producer Price Index and other economic data on Saturday, two days ahead of schedule, because the central bank often unveil big policy changes on weekends.
Poly Real Estate Co lost 1.8 percent to 11.12 yuan and China Merchants Property Development Co retreated 3 percent to 17.11 yuan. Gemdale Corp eased 2.2 percent to 6.27 yuan.
Elsewhere, China State Construction Engineering Corp dropped 0.9 percent to 3.51 yuan after saying the contract value in the first eight months rose 56 percent from a year ago.
The benchmark Shanghai Composite added 0.26 percent, or 6.86 points, to close at 2,663.21 points, paring this week's losses. Turnover shrank to 134.1 billion yuan (US$19.7 billion) from 157.3 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, rose 0.7 percent to close at 1,187.44 points.
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. 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 year-on-year gain for the 15th consecutive month. It raised concerns about some adjustments in monetary policy to curb asset bubbles.
And the concerns intensified as the National Bureau of Statistics decided to release Consumer Price Index, Producer Price Index and other economic data on Saturday, two days ahead of schedule, because the central bank often unveil big policy changes on weekends.
Poly Real Estate Co lost 1.8 percent to 11.12 yuan and China Merchants Property Development Co retreated 3 percent to 17.11 yuan. Gemdale Corp eased 2.2 percent to 6.27 yuan.
Elsewhere, China State Construction Engineering Corp dropped 0.9 percent to 3.51 yuan after saying the contract value in the first eight months rose 56 percent from a year ago.
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