Nobel medicine prize boost for China pharmaceutical stocks in Hong Kong trading

Chinese medicine-related stocks are in the spotlight  in Hong Kong, after a Chinese scientist shared the Nobel Prize in medicine for her work on discovering a drug to fight against malaria.

Tu Youyou, 84, was among the three winners of the 2015 Nobel Prize in physiology or medicine, after she discovered Artemisinin, a drug that has reduced mortality rates from malaria.  

In Hong Kong, shares of Shanghai Fosun Pharmaceutical Group Co Ltd., a major manufacturer of Artemisinin-based drugs in China, rose 4.1 per cent. Guangzhou Baiyunshan Pharmaceutical Holdings, which has received a  licence to manufacture the anti-malaria drugs, surged 6.8 per cent. Other outperformers in the sector included Luye Pharmaceutical Group, up 2 per cent, China National Pharmaceutical Group, rising 1.9 per cent, and Beijing Tong Ren Tang Chinese Medicine, which added 0.7 per cent.

Among other market movers, oil stocks received a boost after crude prices settled at their highest level in nearly two weeks on the New York Mercantile Exchange. PetroChina jumped 3.6 per cent, offshore oil producer Cnooc gained 1.7 per cent, refining giant Sinopec Corp. advanced 1.4 per cent and Kunlun Energy moved up 0.8 per cent.

However, airline stocks retreated on the prospect of rising fuel costs, with China Southern Airlines falling 3.4 per cent, China Eastern Airlines dropping 1.7 per cent, Air China losing 1.1 per cent, and Cathay Pacific slipping 0.4 per cent.