China pharma stocks rise on Wuhan virus news, airlines sinkBusiness | 20 Jan 2020 8:10 pm
The widening of Wuhan virus infections in China parked a rally in Chinese drugmakers’ shares today.
Antibiotic makers Jiangsu Lianhuan Pharmaceutical Co, Shandong Lukang Pharmaceutical and Shenzhen Neptunus Bioengineering all gained by the 10 percent daily limit in early trading, Bloomberg reports.
Shares of companies in the travel and hotel sectors dropped on fears of a hit to tourism over the Lunar New Year, traditionally a peak period of spending for China’s billion-strong consumer force.
Chinese airlines and Macau casino operators were among the biggest losers. Air China Ltd sank by 7.8 percent in Hong Kong.