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Stock market ends week with small gain
By Lydia Chen |
July 15, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI stock market closed up slightly higher for a third day today as health-care plays offset losses suffered by developers.
The Shanghai Composite Index rose 0.35 percent and up 0.8 percent on the week at 2,803.59, the fourth straightly weekly gains as turnover climbed to the highest in eight trading days at 127.72 billion yuan (US$19.77 billion).
Drug makers were the most actively traded shares with investors running to pile in after Shanghai Securities News said today that China will release a five-year development plan for the industry by the end of this month.
Beijing Double Crane Pharmaceutical Co hiked 9.84 percent to 27.24 yuan.
China's biomedicine industry annual sales growth is expected to touch about 23 percent in the next five years, the newspaper said, citing Yu Mingde, head of the China Pharmaceutical Enterprises Association.
Total output value is expected to rise to 3.6 trillion yuan to 3.7 trillion yuan from an estimated 1.25 trillion yuan this year, the newspaper said.
Insurers saw slight gains today as China said it is studying the possibility of introducing margin trading and derivatives with insurance assets in the second half.
China Insurance Regulatory Commission will support insurance funds to "appropriately" include domestic bonds and overseas assets in their portfolios, Wu Dingfu, president of the commission said at a conference today.
But the gains made by these rising plays were offset by falls among developers who finished as the biggest drags with a fall of 0.8 percent for the whole sector. China's State Council yesterday reiterations that it will stand firm to continue tightening to curb rising housing prices.
China Vanke, the largest listed developer, shed 1.75 percent to 8.43 yuan.
The central government will make sure all the cities that have home purchase restrictions will continue to follow the policy while the ban will be extended to second and third-tier cities where home prices are rising fast in the past several months.
Average home prices in China rocked 9.9 percent in the first six months from a year ago, compared with 7.5 percent in the same period last year, according to E-House (China) Holdings Limited.
The Shanghai Composite Index rose 0.35 percent and up 0.8 percent on the week at 2,803.59, the fourth straightly weekly gains as turnover climbed to the highest in eight trading days at 127.72 billion yuan (US$19.77 billion).
Drug makers were the most actively traded shares with investors running to pile in after Shanghai Securities News said today that China will release a five-year development plan for the industry by the end of this month.
Beijing Double Crane Pharmaceutical Co hiked 9.84 percent to 27.24 yuan.
China's biomedicine industry annual sales growth is expected to touch about 23 percent in the next five years, the newspaper said, citing Yu Mingde, head of the China Pharmaceutical Enterprises Association.
Total output value is expected to rise to 3.6 trillion yuan to 3.7 trillion yuan from an estimated 1.25 trillion yuan this year, the newspaper said.
Insurers saw slight gains today as China said it is studying the possibility of introducing margin trading and derivatives with insurance assets in the second half.
China Insurance Regulatory Commission will support insurance funds to "appropriately" include domestic bonds and overseas assets in their portfolios, Wu Dingfu, president of the commission said at a conference today.
But the gains made by these rising plays were offset by falls among developers who finished as the biggest drags with a fall of 0.8 percent for the whole sector. China's State Council yesterday reiterations that it will stand firm to continue tightening to curb rising housing prices.
China Vanke, the largest listed developer, shed 1.75 percent to 8.43 yuan.
The central government will make sure all the cities that have home purchase restrictions will continue to follow the policy while the ban will be extended to second and third-tier cities where home prices are rising fast in the past several months.
Average home prices in China rocked 9.9 percent in the first six months from a year ago, compared with 7.5 percent in the same period last year, according to E-House (China) Holdings Limited.
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