China Stocks: ICBC, China Vanke, China Life, Dongfang Electric
Alternative energy companies: Baoding Tianwei Baobian Electric Co. (600550 CH) rose 5 percent to 25.26 yuan. Shandong Jinjing Science & Technology Stock Co. (600586 CH) advanced 2.9 percent to 13.26 yuan.
China may invest as much as $1.5 trillion in seven strategic industries over a five-year period, Reuters reported, citing an unidentified source with direct knowledge of the matter.
The nation may invest as much as 2 trillion yuan annually in the alternative energy, biotechnology, information technology, high-end equipment manufacturing, advanced materials, alternative-fuel cars and energy-efficient and environmental technology industries, Reuters said.
Banks: Industrial & Commercial Bank of China Ltd. (601398 CH), the nation’s biggest lender, declined 0.7 percent to 4.33 yuan. Agricultural Bank of China Ltd. (601288 CH) slid 0.8 percent to 2.66 yuan.
China may have room for more sterilization of over- liquidity in the money supply following two 0.5 percentage point increases of the reserve requirement ratio, former central bank adviser Fan Gang wrote in a commentary in the China Daily. Further revaluation of the exchange rate is needed to reduce the current and capital account surpluses, Fan wrote.
China Vanke Co. (000002 CH), the nation’s biggest developer, gained 2.7 percent to 8.49 yuan, the highest since Nov. 15. Its sales reached 100 billion yuan as of Dec. 1, according to a company statement to the Shenzhen stock exchange yesterday.
China Life Insurance Co. (601628 CH), the nation’s biggest insurer, added 1.6 percent to 22.85 yuan. The insurer said it plans to inject 3 billion yuan into Guangdong Development Bank Co. by buying shares at 4.38 yuan apiece.
Dongfang Electric Corp. (600875 CH) dropped 2 percent to 31.53 yuan, the lowest since Sept. 30. The company’s Hong Kong- listed stock rating was cut to “sell” from “hold” by Deutsche Bank.
Henan Shuanghui Investment & Development Co. (000895 CH), a meat producer, rose by daily limit to 72.45 yuan, set for a third 10 percent rise, after announcing an asset injection plan.
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