Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of the 3 p.m. close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 0.04 point, or less than 0.1 percent, to 2,878.57. The CSI 300 Index added 0.2 percent to 3,197.62.
Cement stocks: Huaxin Cement Co. (600801 CH), the Chinese affiliate of Holcim Ltd., jumped the 10 percent daily limit to 39.03 yuan. Anhui Conch Cement Co. (600585 CH), China’s biggest cement maker, climbed 6.2 percent to 34.28 yuan.
Cement prices may rise “significantly” in the first quarter as the government reiterated its pledge to build 10 million low-income houses this year, Yang Tao and Pan Jianping, analysts at Citic Securities Co., wrote in a research note today.
Beijing SuperMap Software Co. (300036 CH) jumped by the 10 percent daily limit to 31.08 yuan. Citic Securities raised its recommendation on the stock to “buy” from “hold,” saying an incentive plan will boost earnings, Zhang Xinfeng, an analyst at the brokerage, wrote in a report today. The company plans to offer two million stock options to 124 executives.
GRINM Semiconductor Materials Co. (600206 CH) jumped 4.7 percent to 17.06 yuan. Controlling shareholder Central Research Institute for Nonferrous Metals is in talks with China Iron & Steel Research Institute Group for a possible business restructuring, the company said in a statement last night.
Hunan Mendale Hometextile Co. (002397 CH) rose 2.2 percent to 38.56 yuan after the manufacturer of home textile products said net income for 2010 gained 15 percent from a year earlier to 101.7 million yuan ($15.5 million).
Jiangxi Copper Co. (600362 CH), China’s biggest producer of the metal, gained 2.1 percent to 41.19 yuan. Jiangxi Copper said the annual tax rate will drop to 15 percent from 25 percent for three years after it was recognized as a “high-tech enterprise” by the provincial government.
Shenzhen Development Bank Co. (000001 CH) climbed 2.1 percent to 15.89 yuan after saying net income in 2010 rose 25 percent from a year earlier to 6.3 billion yuan.
--Zhang Shidong. Editor: Richard Frost
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