China Stocks: Anhui Conch, Hefei Department Store, SAIC Motor
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses and prices are as of 3 p.m. close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, rose 22.11, or 0.7 percent, to 3,030.02. The CSI 300 Index (SHSZ300) gained 0.9 percent to 3,353.36.
Auto stocks: SAIC Motor Corp. (600104 CH), China’s largest carmaker, jumped 8.2 percent to 19.90 yuan, the biggest gain since Feb. 10. FAW Car Co. (000800 CH) added 4.8 percent to 17.18 yuan. The China Association of Automobile Manufacturers is set to release March domestic sales figures this weekend. Preliminary data showed sales rose in March. Passenger-car sales rose 8 percent from a year earlier to 1.24 million units, China’s Passenger Car Association said in a statement on their website today.
“Historically, March has always been one of the months with the highest car sales,” said Han Weiqi, an analyst at CSC International Holdings Ltd. in Shanghai. “That’s as businesses start planning for and buying new cars after Chinese New Year ends, and also as consumers make auto purchases before the April and May long weekends.” Han estimated a 10 percent increase in auto sales last month from a year ago.
Anhui Conch Cement Co. (600585 CH), China’s biggest cement maker, fell the most in a week, losing 1.1 percent to 42.37 yuan. Ping An Trust Co. said it sold 176.6 million shares in the company from Oct. 8 to yesterday, reducing its stake to 1.54 percent.
Hefei Department Store Group Co. (000417 CH) jumped 5.8 percent to 17.48 yuan, the steepest rally since Aug. 13. First- quarter profit increased 250 percent from a year earlier, the company said. Its earnings per-share forecast for this year was raised by 9.3 percent to 0.94 yuan and for 2012 by 12 percent to 0.92 yuan, Jin Zefei and Tao Chengzhi, analysts at Shenyin & Wanguo Securities Co., wrote in a report today.
Shanghai Electric Power Co. (600021 CH), supplier of a third of the electricity in China’s richest city, advanced 2.3 percent to 4.51 yuan. Shanghai Electric said it had net income of between 120 million yuan ($18.4 million) and 150 million yuan in the first quarter, compared with a net loss in the same period last year.
Minmetals Development Co. (600058 CH) climbed 2.4 percent to 38.14 yuan and Rising Nonferrous Metals Share Co. (600259 CH) jumped 3.9 percent to 78.63 yuan. The parents of the two companies are buying stakes in Ganzhou Rare Earth Mineral Industry Co., a company that will own most of the rare earth mining licenses in Jiangxi province, China Daily reported today, citing Wang Ping, mayor of Ganzhou city.
--Zhang Shidong. Editor: Shiyin Chen
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