China Stocks: Air China, ICBC, Shanghai Lujiazui, Sinovel Wind
Stock Chart for Air China Ltd (601111)
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 climbed 33.95 points, or 1.1 percent, to 3,001.36. The CSI 300 Index (SHSZ300) climbed 1.2 percent to 3,311.07.
Airlines: Air China Ltd. (601111) (601111 CH), the world’s largest carrier by market value, dropped 2.6 percent to 10.77 yuan, the lowest since July 16. China Southern Airlines Co. (600029 CH) sank 2.4 percent to 7.89 yuan. China Eastern Airlines Corp. (600115 CH) slid 1.8 percent to 6.15 yuan.
Jet kerosene prices added 0.6 percent to $137.45 a barrel in Singapore yesterday, the highest since Aug. 28, 2008.
Banks: Industrial & Commercial Bank of China (601398) Ltd. (601398 CH), the world’s largest lender by market value, rose 1.8 percent to 4.58 yuan while China Construction Bank Corp. (601939) (601939 CH), the second-biggest lender, gained 1.6 percent to 5.09 yuan.
The People’s Bank of China yesterday boosted its benchmark one-year lending rate by a quarter point to 6.31 percent. Rising rates may increase net interest margins after the central bank boosted borrowing costs for the fourth time since October, Barclays Plc said in a report today.
Rare earth producers: Inner Mongolia Baotou Steel Rare- Earth Hi-Tech Co. (600111 CH) jumped by the 10 percent daily limit to 97.26 yuan, the highest since the shares made their debut in 1997. Rising Nonferrous Metals Share Co. (600259 CH) advanced 5.8 percent to 77.92 yuan.
China Securities Journal reported that concerns about overexpansion of rare earth mining and environmental damage signal an end to “cheap” rare earth supplies from China. The paper quoted Yang Wanxi, a director of a rare earth “expert” panel under the Baotou Municipal Committee, as saying a new resource tax would add to price gains.
Shanghai Lujiazui Finance & Trade Zone Development Co. (600663 CH) rose 2.4 percent to 18.31 yuan, the highest since March 25. Walt Disney Co. and government-owned partner Shanghai Shendi Group Co. scheduled an April 8 groundbreaking for a proposed theme park in Shanghai, according to people with knowledge of the plans. Parent Shanghai Lujiazui Group Co. owns a 60 percent stake in Shengdi, the 21st Century Business Herald reported on Dec. 3, 2009.
Sinovel Wind Group Co. (601558 CH) gained 2.3 percent to 75.87 yuan, the most since March 15. Sinovel’s 2010 net income rose 51 percent to 2.86 billion yuan, the company said in a statement to Shanghai’s stock exchange yesterday. That beat a 2.83 billion-yuan mean profit in a survey of 7 analysts compiled by Bloomberg.
--Irene Shen. Editor: Allen Wan
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