China Stocks: Dongfang Electric, Kweichow Moutai, PetroChina
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of 3 p.m. close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, rose 2.25, or 0.1 percent, to 2,909.14. The CSI 300 Index (SHSZ300) declined 0.3 percent to 3,207.11.
Dongfang Electric Corp. (600875 CH), which derived 6.5 percent of sales from nuclear power-related products in 2009, added 1.2 percent to 29.23 yuan. The company said in a March 18 conference call revenue from its nuclear-equipment sales in 2011-2012 will be “largely intact,” Pierre Lau and Maggie Mok, analysts at Citigroup, said in a note to clients.
Guangzhou Iron and Steel Co. (600894 CH), a Chinese steelmaker, lost 1.9 percent to 6.73 yuan, the lowest since Feb. 9. The company reported a net loss of 97.9 million yuan ($14.9 million) last year, compared with a net profit of 37 million yuan in 2009.
PetroChina Co. (601857 CH), the nation’s biggest oil company, added 1.6 percent to 11.75 yuan. PetroChina and Saudi Arabian Oil Co., known as Aramco, agreed to build a refinery in Yunnan province, the state oil company of Saudi Arabia said yesterday. Oil futures advanced as much as 2.3 percent after the U.S., U.K. and France launched airstrikes at targets in Libya.
Kweichow Moutai Co. (600519 CH), China’s biggest liquor maker by market value, slid 2.1 percent to 187.13 yuan, its biggest decline since Jan. 24. Net income for 2010 gained 17 percent from a year earlier to 5.05 billion yuan, Moutai said yesterday. That compared with the average 5.2 billion yuan of 11 analyst estimates compiled by Bloomberg.
Shenzhen Energy Group Co. (000027 CH), the Chinese power producer, rose 1.7 percent to 10.23 yuan after saying it will invest about 1.1 billion yuan in clean-energy projects including a wind farm and a biomass plant.
Southwest Pharmaceutical Co. (600666) (600666 CH), a drugmaker, tumbled 9.6 percent to 12.76 yuan, the most since May 10. The company denied reports from unidentified media outlets that Ganzhou Rare Earth Mineral Industry Co. would use it for a backdoor listing.
Yunnan Green-Land Biological Technology Co. (002200 CH) tumbled the 10 percent daily limit to 20.70 yuan, the lowest since July 27. Chairman He Xuekui was arrested on suspicion of stock sale fraud, the company said in a statement on March 18. The chairman has tendered his resignation, the company said in a separate statement. The stock resumed trading today.
--Zhang Shidong. Editor: Allen Wan
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