China Stocks: Construction Bank, Jiangxi Copper, Aluminum Corp.
Banks: Industrial & Commercial Bank of China Ltd. (601398 CH), the nation’s largest lender, fell 1.1 percent to 4.34 yuan, the lowest since Oct. 29. The China Securities Regulatory Commission approved the lender’s rights offer of 11.26 billion A shares at 2.99 yuan each, and the new stock will start trading Nov. 30.
China Construction Bank Corp. (601939 CH), the nation’s second biggest lender, dropped 0.8 percent to 4.71 yuan. Bank of Communications Co. (601328 CH) declined 1.2 percent to 5.69 yuan. China will probably cut the target for new loans close to 7 trillion yuan next year from this year’s 7.5 trillion yuan, Shanghai Securities News reported, citing an unidentified person.
Commodity producers: Jiangxi Copper Co. (600362 CH), the top producer of the metal, fell 2.6 percent to 34.99 yuan. Aluminum Corp. of China (601600 CH), the listed unit of China’s biggest maker of the lightweight metal, dropped 1.7 percent to 10.33 yuan.
The Shanghai Futures Exchange will increase the proportion of cash that traders must deposit with brokerages on copper, aluminum, steel wire, gold and fuel oil transactions to 10 percent of the total value after the market closes on Nov. 29, and raise the limit on daily changes in prices to 6 percent starting on Nov. 30, the bourse said in statement late yesterday.
PetroChina Co. (601857 CH), China’s biggest oil and gas producer, fell 1.6 percent to 11 yuan. The company agreed to pay 392.25 million yuan ($59 million) for a 4.3 percent stake in a fuel oil and bitumen company controlled by its parent, according to an exchange statement.
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