Stocks get boost from the health care sector
By Lydia Chen |
July 16, 2011, Saturday
|
Print Edition
Print Edition
SHANGHAI shares yesterday rose for a third day as health care plays countered losses among developers following reports China is to soon release a development plan for the biomedicine industry.
The Shanghai Composite Index rose 0.4 percent to close at 2,820.17, the highest since May 20. It climbed 0.8 percent for the week, the fourth straight weekly gain.
Health care stocks were the most actively traded shares with investors piling in after Shanghai Securities News reported China will release the five-year plan for the industry by the end of this month.
Beijing Tongrentang Co, a retailer of Chinese medicine, surged by the maximum daily limit of 10 percent to 18.29 yuan (US$2.84). Beijing Double-Crane Pharmaceutical Co jumped 9.8 percent to 27.24 yuan.
The country's biomedicine industry is expected to see annual sales growth reach 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 from 1.25 trillion yuan this year to 3.6-3.7 trillion yuan, the newspaper said.
Insurers posted small gains as China plans to introduce rules for margin trading and derivatives with insurance assets this year. The China Insurance Regulatory Commission will support insurance funds investing in domestic bonds and overseas assets, said Wu Dingfu, chairman of the commission.
China Life Insurance Co gained 0.2 percent and closed at 18.58 yuan yesterday.
The Shanghai Composite Index rose 0.4 percent to close at 2,820.17, the highest since May 20. It climbed 0.8 percent for the week, the fourth straight weekly gain.
Health care stocks were the most actively traded shares with investors piling in after Shanghai Securities News reported China will release the five-year plan for the industry by the end of this month.
Beijing Tongrentang Co, a retailer of Chinese medicine, surged by the maximum daily limit of 10 percent to 18.29 yuan (US$2.84). Beijing Double-Crane Pharmaceutical Co jumped 9.8 percent to 27.24 yuan.
The country's biomedicine industry is expected to see annual sales growth reach 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 from 1.25 trillion yuan this year to 3.6-3.7 trillion yuan, the newspaper said.
Insurers posted small gains as China plans to introduce rules for margin trading and derivatives with insurance assets this year. The China Insurance Regulatory Commission will support insurance funds investing in domestic bonds and overseas assets, said Wu Dingfu, chairman of the commission.
China Life Insurance Co gained 0.2 percent and closed at 18.58 yuan yesterday.
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