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Stocks fall most in 2 weeks on bribery probe
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SHANGHAI stocks fell the most in two weeks as drug makers retreated amid a national bribery probe.
The key Shanghai Composite Index shed 0.87 percent, the biggest daily loss since July 29, to settle at 2,081.88 points. Daily turnover was 84.7 billion yuan (US$13.9 billion).
The State Administration for Industry and Commerce, a regulator in charge of market supervision, today launched a three-month investigation targeting bribery, fraud and other unfair competition behaviors in the pharmaceutical and other industries.
The nationwide probe came after the corruption scandal of multinational pharmaceutical giant GSK (China) Investment Co Ltd, accused of making millions of dollars in bribes to doctors and others.
“The investigation campaign may affect some pharmaceutical firms’ marketing activities and impact their earnings in the second half of the year,” said Niu Chunbao, an independent analyst.
However, Shi Ming, analyst with Shenyin & Wanguo Securities, said the impact on the pharmaceutical sector would be short-term because the demand is rigid and is mainly driven by an aging population, increasing urbanization and morbidity rates of chronic diseases.
Tianjin Zhongxin Pharmaceutical Group dropped 7.2 percent to 13.30 yuan. Jiangsu Kanion Pharmaceutical Co slumped 6.3 percent to 27.58 yuan. Jiangsu Hengrui Medicine Co lost 5.9 percent to 32.76 yuan.
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