China Stocks: Air China, Chalco, Chengde Lolo, Gree Electric
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, fell 16.15 points, or 0.5 percent, to 3,010.52. The CSI 300 Index (SHSZ300) declined 0.5 percent to 3,299.94.
Airlines: Air China Ltd. (601111) (601111 CH), the nation’s largest international carrier, added 1.5 percent to 11.66 yuan. China Southern Airlines Co. (600029 CH), the biggest carrier by fleet size, gained 2.4 percent to 8.93 yuan.
The yuan appreciated as much as 0.2 percent to 6.5089 again the dollar in Shanghai today, a 17-year high, according to the China Foreign Exchange Trade System. A stronger yuan pares the value of dollar-denominated debt of Chinese airlines.
Aluminum Corp. of China Ltd. (601600 CH), the country’s biggest producer of the metal, slid 1.5 percent to 11.17 yuan. The company, also known as Chalco, said first-quarter profit fell 47 percent from a year earlier to 331 million yuan ($51 million) on higher raw-material and fuel costs.
Gree Electric Appliances Inc. (000651) (000651 CH), the largest maker of home air-conditioners, added 2.9 percent to 22.77 yuan after saying first-quarter net income rose 46 percent from a year earlier to 934.7 million yuan.
Guangdong Tapai Group Co. (002233 CH), a cement maker, surged 7.5 percent to 21.58 yuan, a record high since its listing in 2008. First-quarter profit jumped 140 percent from a year earlier to 113.3 million yuan, the company said in a statement last night.
Hebei Chengde Lolo Co. (000848) (000848 CH), a manufacturer of almond juice, slid 5.3 percent to 21.97 yuan, its biggest decline since Jan. 24. First-quarter profit fell 8.5 percent from a year earlier, Chengde Lolo said in a statement. China International Capital Corp. cut its earnings-per-share forecasts for the company by 19 percent to 0.8 yuan for this year and by 24 percent to 1.11 yuan for 2012, Sun Yijia and Jin Zhiyao, analysts at CICC, wrote in a report today. Chengdo Lolo’s gross profit margin may have peaked, they said.
Nanning Sugar Industry Co. (000911 CH), a cane sugar producer, lost 1.2 percent to 20.05 yuan after saying net income for the first quarter fell 33 percent to 46.3 million yuan.
--Zhang Shidong. Editor: Allen Wan
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