China Shares Fall for Second Straight Day on Inflation Worries; Nanjing King-Friend Up 50%
Chinese shares fell for the second straight day on Wednesday as inflation concerns were fueled by rising geopolitical tensions in the Middle East.The Shanghai Composite Index, the main gauge of Chinese stocks, went down 1.0% to 3,941.39. The Shenzhen Component Index fell 1.9% to 13,611.55.Westpac analysts said investors sold off equities in most developed markets, driven by reignited inflation worries stemming from the prospect of additional disruptions in the Strait of Hormuz, Reuters reported.On the domestic front, China discovered a copper-gold deposit in Anhui Province's Xuancheng City. Preliminary assessments of the Chating copper-gold deposit indicate copper resources could exceed several large mines combined, while gold equivalents may top 10 large-scale deposits.In company news, Nanjing King-Friend Biochemical Pharmaceutical (SHA:603707) subsidiary Emerge Bioscience obtained U.S. Food and Drug Administration approval to manufacture adalimumab injection at Kingfriend's manufacturing facility. Shares of the pharmaceutical company fell 5% Wednesday.
