China Stocks: Baoshan Iron, China Construction, ICBC, Vanke
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses and prices are as of the 11:30 a.m. break.
The Shanghai Composite Index fell 0.2 percent to 3,014.15. The CSI 300 Index (SHSZ300) was little changed at 3,326.09.
Banks: Industrial and Commercial Bank of China Ltd. (601398 CH) slid 0.9 percent to 4.57 yuan. China Construction Bank Corp. (939) (601939 CH) sank 0.2 percent to 5.11 yuan.
China may raise its reserve requirement ratio by 50 basis points either April 15 or April 22, the Economic Information Daily reported today, citing unidentified analysts.
The China Banking Regulatory Commission will enhance scrutiny on commercial banks through monitoring their average daily loan-to-deposit ratios starting from June, the China Securities Journal reported today, citing an unidentified person familiar with the situation.
Developers: China Vanke Co. (000002 CH): the nation’s largest developer, slipped 0.5 percent to 8.81 yuan. Poly Real Estate Group Co. (600048 CH) dropped 0.6 percent to 13.76 yuan.
Developers are suffering a slump in cash flow as the government tightens monetary policy to tackle inflation and tries to rein in property speculation, the China Daily reported today, citing a report by data provider Shanghai Wind Information Co.
Baoshan Iron & Steel Co. (600019 CH) declined 1.9 percent to 7.38 yuan. The steelmaker has decided not to invest in a steel plant in the city of Zhanjiang, in Guangdong province, being planned by its parent company, according to a statement to Shanghai’s stock exchange.
China State Construction Engineering Corp. (601668 CH), the nation’s largest construction company, rose 2.1 percent to 3.99 yuan, set for the highest since April 26, 2010. The company said its first-quarter property sales rose 43 percent from a year earlier to 18.7 billion yuan ($2.9 billion).
Jinan Iron and Steel Co. (600022 CH) surged by the 10 percent daily limit to 3.95 percent after announcing changes to the terms of its planned merger with Laiwu Steel Corp. (600102) Laiwu Steel (600102 CH) jumped 10 percent to 8.32 yuan, poised for the largest advance since May 4.
Shanghai Pharmaceuticals Holding Co. (601607 CH) advanced 2 percent to 19.88 yuan. The Shanghai-based company received approval from the China Securities Regulatory Commission to sell as many as 763.8 million shares in a Hong Kong initial offering, according to a Shanghai Stock Exchange filing. It will sign more than 20 billion yuan of contracts with 69 foreign drugmakers this year including Pfizer Inc., Merck & Co., Sanofi-Aventis SA and Novo Nordisk A/S.
--Irene Shen, Michael Wei. Editor: Allen Wan
To contact Bloomberg News staff for this story: Irene Shen in Shanghai at +86-21-6104-3049 or ishen4@bloomberg.net
To contact the editor responsible for this story: Reinie Booysen at rbooysen@bloomberg.net
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