Shares edge up on gains made by pharmaceutical firms and food and beverage companies
Shanghai stocks edged up today amid gains made by pharmaceutical shares and food and beverage companies.
The Shanghai Composite Index gained 0.49 percent to close at 3,388.17 points.
Food and beverage shares were among the biggest gainers, with Anhui Kouzi Distillery Co Ltd surging by the daily limit of 10 percent. Jiangsu Hengshun Vinegar Ind Co Ltd, Sichuan Swellfun Co Ltd and Juewei Food Co Ltd all advanced over 6 percent.
Pharmaceutical firms such as Chongqing Taiji Industry Co Ltd and Jiangsu Nanfang Medical Co Ltd both hit the maximum daily cap of 10 percent. China Medicine Health Industry Co Ltd and Zhejiang ChiMin Pharmaceutical Co Ltd also gained over 9 percent.
"Consumer shares move strongly, led by consumption upgrade and rising disposable income in rural areas," Guotai Junan Securities said in a note.
Iron and steel shares also gained, with Xinjiang Ba Yi Iron & Steel Co Ltd and Shanghai Hongda Mining Co Ltd both surging by the maximum 10 percent.
ZhongTongGuoMai Communication Co Ltd hit the 10 percent cap, and Wingtech Technology Co Ltd rose by 8.58 percent to end at 32.79 yuan.