Shares lose again to close at 3-week low

Source: Xinhua | 2018-05-30

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 yesterday.

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 Pharmaceutical Ltd tumbling by the daily limit of 10 percent. Topchoice Medical Corporation fell 8.74 percent and Zhejiang Shouxiangu Pharmaceutical Co 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 both fell by nearly 5 percent.

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