Shanghai shares extend losses to end at 3-week low

Investors become worried over risks of bond defaults, and pharmaceutical shares lead the decline in the market.

Shanghai stocks extended their weakness to close at a three-week low as investors became concerned about risks of  bond defaults, with pharmaceutical shares leading the decline today.

The Shanghai Composite Index dropped 0.47 percent to end at 3,120.46 points.

Medical and biological companies led the losses, with Zhangzhou Pientzehuang Pharmaceuticl Ltd tumbling by the daily limit of 10 percent. Topchoice Medical Corporation fell 8.74 percent and Zhejiang Shouxiangu Pharmaceuticl Co Ltd shed 7.41 percent.

Real estate shares such as HNA Innovation lost 6.67 percent, and Shandong Tyan Home Co and Shanghai Yanshi Enterprise Development Co Ltd both fell by nearly 5 percent.

Shares of defense and military firms extended losses, with Glarun Technology Co Ltd retreating 5.38 percent.

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