China Stocks: China Shipping, Jianghuai Auto, PetroChina
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses and prices are as of 10:16 a.m. local time.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, rose 20.81, or 0.7 percent, to 2,918.11. The CSI 300 Index (SHSZ300) gained 0.8 percent to 3,221.38.
Anhui Jianghuai Automobile Co. (600418 CH), a unit of China’s biggest light-truck exporter, gained 3.8 percent to 13.77 yuan. Jianghuai Auto said net income for 2010 jumped 246 percent to 1.2 billion yuan ($182 million) from the previous year. The company plans to raise as much as 2.8 billion yuan by selling as many as 150 million additional shares to finance car and engine projects.
China Shipping Development Co. (600026 CH), a unit of China’s second-biggest sea-cargo group, added 0.9 percent to 9.87 yuan. The company had its Hong Kong-listed shares raised to “neutral” from “underperform” at Credit Suisse Group AG, which said the company will benefit from its “aggressive” capacity increase and that further declines in the shares will be “limited.”
PetroChina Co. (601857 CH), the nation’s biggest oil company, added 1 percent to 11.76 yuan after saying net income climbed 35 percent to 140 billion yuan in 2010. That compares with a mean estimate of 135.7 billion yuan in a Bloomberg survey of 17 analysts.
--Zhang Shidong. Editor: Shiyin Chen
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