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Steel, pharmaceuticals drag index down 2%
By Feng Jianmin and Pan Xiaoyi |
June 18, 2010, Friday
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Online Edition
Online Edition
SHANGHAI stocks plunged nearly 2 percent today, led by drug makers as institutional investors retreated on concerns that central government may step up measures to control medicine prices.
The benchmark Shanghai Composite Index tumbled 1.84 percent, or 47.02 points, to close at 2,513.22. Losers outnumbered gainers 800 to 61 while 2 shares remained unchanged. Turnover rose to 72.8 billion yuan (US$10.7 billion) from 61.7 billion yuan on Thursday.
The Shenzhen Composite Index, which covers the smaller mainland exchange, lost 3.61 percent to 1,011.66 points.
Harbin Pharmaceutical Group Co shed 5.8 percent to 19.06 yuan. Guangzhou Baiyunshan Pharmaceutical Co dived by the 10 percent daily cap to 11.93 yuan. Beijing Tongrentang Co went down 5.4 percent to 24.49 yuan.
Steel mills were among the loser on central government's measures to consolidate the industry and phase out outdated production capacities. Wuhan Iron & Steel Co edged down 0.7 percent to 4.6 yuan. Baoshan Iron & Steel Co inched down 0.8 percent to 6.02 yuan.
The benchmark Shanghai Composite Index tumbled 1.84 percent, or 47.02 points, to close at 2,513.22. Losers outnumbered gainers 800 to 61 while 2 shares remained unchanged. Turnover rose to 72.8 billion yuan (US$10.7 billion) from 61.7 billion yuan on Thursday.
The Shenzhen Composite Index, which covers the smaller mainland exchange, lost 3.61 percent to 1,011.66 points.
Harbin Pharmaceutical Group Co shed 5.8 percent to 19.06 yuan. Guangzhou Baiyunshan Pharmaceutical Co dived by the 10 percent daily cap to 11.93 yuan. Beijing Tongrentang Co went down 5.4 percent to 24.49 yuan.
Steel mills were among the loser on central government's measures to consolidate the industry and phase out outdated production capacities. Wuhan Iron & Steel Co edged down 0.7 percent to 4.6 yuan. Baoshan Iron & Steel Co inched down 0.8 percent to 6.02 yuan.
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