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 fell 0.2 percent to 3,022.75. The CSI 300 Index (SHSZ300) dropped 0.6 percent to 3,333.43.
Automakers: SAIC Motor Corp. (600104 CH), China’s largest automaker, lost 0.9 percent to 19.72 yuan. FAW Car Co. (000800 CH) dropped 3.4 percent to 16.60 yuan. China’s car sales in March jumped 6.5 percent from last year to 1.3 million units, while total vehicle sales rose 5.4 percent to 1.8 million units, said the China Association of Automobile Manufacturers. The growth pace was below the industry group’s forecast.
Banks: Industrial and Commercial Bank of China Ltd. (601398 CH), the world’s largest bank by market value, added 0.9 percent to 4.59 yuan. China Construction Bank Corp. (939) (601939 CH) climbed 0.6 percent to 5.13 yuan. China may continue to raise interest rates this year as the country still faces rising prices and its deposit rate remains in the negative territory, the China Securities Journal reported today, citing Xia Bin, an adviser to the People’s Bank of China. Higher rates boost lenders’ net interest margins.
Developers: China Vanke Co. (000002 CH), the nation’s biggest developer, lost 3.6 percent to 8.82 yuan. Poly Real Estate Group Co. (600048 CH), the second-largest developer, dropped 2.2 percent to 14.07 yuan.
Premier Wen Jiabao has asked local governments to help control growth in housing prices. The central government’s aim to control the property market is “clear” and the determination is “firm,” Wen said during a visit to eastern China’s Zhejiang province, according to a statement on the government’s web site on April 9.
Steelmakers: Hebei Iron & Steel Co. (000709 CH) surged 9.9 percent to 4.55 yuan. Angang Steel Co. (000898 CH) climbed 2.3 percent to 8.48 yuan. First-quarter profit at "major" steelmakers may have jumped 188 percent from the fourth quarter last year, Zheng Zhiguo and Mao Shenjing, analysts at Shenyin & Wanguo Securities Co., wrote in a report today. Steelmakers trade at 0.54 times book value, less than the historical average of 0.6 times, according to the report.
Weichai Power Co. (000338 CH) jumped 3.1 percent to 56.57 yuan, the biggest gain since Feb. 28. The company said unit Shaanxi Fast Gear Co. will invest 255 million yuan ($39 million) for a 51 percent stake in a transmission venture with Caterpillar China Investment Co.
--Irene Shen, Bonnie Cao. Editor: Shiyin Chen
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