China Stocks: Yanzhou Coal, Everbright Bank, Ping An Insurance
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses and prices are as of the 3 p.m. close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, tumbled 41.37 points, or 1.4 percent, to 2,896.26. The CSI 300 Index (SHSZ300) slid 1.8 percent to 3,203.96.
Coal Producers: Yanzhou Coal Mining Co. (600188 CH) slumped 5.1 percent to 30.02 yuan, on concern Japan’s strongest earthquake on record will curb industrial production, reducing demand for the fuel. China Shenhua Energy Co. (601088 CH), the nation’s biggest coal producer, lost 2.7 percent to 26.69 yuan.
Japan relies on imports for almost all of its coal consumption, according to China Merchants Securities Co. Japan imports about 180 million tons of coal every year, accounting for about 20 percent of the global trade of the fuel.
Nuclear power companies: Dongfang Electric Corp. (600875 CH) tumbled 5.2 percent to 30.20 yuan. China First Heavy Industries Co. (601106 CH), a manufacturer of nuclear power generators, slid 6.3 percent to 6.08 yuan.
Japanese Prime Minister Naoto Kan said the danger of further radiation leaks from a crippled nuclear power station is rising after three explosions and a fire at the site 135 miles north of Tokyo. Dongfang Electric derived 6.5 percent of sales from nuclear power-related products in 2009.
China Everbright Bank Co. (601818 CH) slipped 1 percent to 3.82 yuan, the lowest level since Feb. 22, after the lender said shareholders approved a plan to sell as many as 12 billion shares in a first-time stock sale in Hong Kong.
Ping An Insurance Group Co. (601318 CH), the nation’s second-biggest insurer, lost 2.8 percent to 49.45 yuan after a suspension yesterday. Chow Tai Fook Nominee Ltd., controlled by Hong Kong billionaire Cheng Yu Tung, bought 272 million of the company’s new shares at HK$71.50 each, or a total of HK$19.4 billion ($2.5 billion).
TCL Corp. (000100) (000100 CH), China’s biggest publicly traded consumer-electronics maker, retreated 4.3 percent to 4.46 yuan. The company and its units were ordered to pay 23.1 million euros ($32.3 million) in damages by a court in Nanterre, France. TCL plans to appeal the ruling, its subsidiary TCL Multimedia Technology Holdings said in a statement yesterday.
--Zhang Shidong. Editor: Darren Boey
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