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Shares end losing run to close up

SHANGHAI shares ended a four-day losing streak yesterday, helped by positive results in China’s medical and consumer goods sectors.

The Shanghai Composite Index edged up 0.04 percent to 3,172.1 points.

China’s medical sector reaped 321.6 billion yuan (US$47 billion) in gross profit last year, 15.57 percent higher than 2015. The increase “is 7.07 percentage points above the average level of China’s industries,” the Ministry of Industry and Information Technology said yesterday.

Consumption continued to be “the paramount driver of China’s economy” as consumer spending contributed 77.2 percent of the nation’s economic growth in the first quarter, the National Bureau of Statistics said.

Drugmakers and consumer goods firms rose, with Mayinglong Pharmaceutical Group, a traditional Chinese medicine maker, up by the daily cap of 10 percent to 23.76 yuan and Anhui Yingjia Distillery Co surging 7.46 percent to 22.77 yuan.

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