Markets

Healthcare stocks surge the most

By Zhang Shidong and Irene Shen (China Daily)
Updated: 2011-04-14 13:31

SHANGHAI - Stocks on the Chinese mainland rose for the first time in three days as drugmakers, home appliance companies and other so-called defensive shares rose on speculation they are more sheltered from faster inflation and an economic slowdown.

A gauge of healthcare shares jumped the most among 10 industry groups, led by a 10 percent rally for Jilin Aodong Medicine Industry Groups Co, a traditional Chinese medicine maker.

Related readings:  Chinese stocks close higher Wednesday  China stocks up on S Korea  Stocks climb as China Unicom, HSBC advance  Property, automotive stocks decline amid cooling measures

China Construction Bank Corp paced gains for lenders on speculation higher borrowing costs will boost net interest margins. TCL Corp, a home appliance maker, jumped to the highest in a year after the company estimated a three-fold increase in first-quarter profit.

The Shanghai Composite Index advanced the most in a week, adding 0.96 percent to 3050.40 at the 3 pm close on Wednesday. The CSI 300 Index rose 1.36 percent to 3372.03.

China Merchants Bank Co surged 3.44 percent to 15.32 yuan ($2.34). China Construction Bank advanced 0.98 percent to 5.17 yuan.

Haitong Securities Co jumped 2.61 percent to 10.60 yuan. The company's net income in March was 571 million yuan on revenue of 1.05 billion yuan.

Jinan Iron and Steel Co surged by the 10 percent daily limit to 3.95 yuan.

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