Shares end higher helped by pharmaceutical companies
Shanghai stocks ended higher again on Tuesday, with shares of 19 companies surging by the daily limit of 10 percent.
The Shanghai Composite Index gained 0.35 percent to end at 3,290.64 points,
Pharmaceutical shares led the gains after Premier Li Keqiang said that tariffs on anti-cancer drugs are set to be cut to zero and that access to the service sector including medical services will be eased.
GuiZhou YiBai Pharmaceutical Co Ltd, Shaanxi Kanghui Pharmaceutical Co Ltd and Tibet Weixinkang Medicine Co Ltd all hit the maximum daily cap of 10 percent.
Shares related to reform of state-owned enterprises extended gains after Xiao Yaqing, director of the State Asset Regulatory Commission, said the third batch of SOEs to be reformed is expected to be released in the first half of this year.
His remark helped SDIC Zhonglu Fruit Juice Co Ltd, Sinomach General Machinry Sci&Tech Co Ltd and Linhai Co Ltd to surge by the maximum 10 percent cap.
Sub-new stocks, which are firms listed within one year and haven’t issued dividends, such as IReader Technology Co Ltd and Suzhou Etron Technologies Co Ltd also rose sharply.