China Stocks: Anhui Conch, Baoan, Hebei Steel, Taiyuan Twin
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, rose 19.63 points, or 0.7 percent, to 3,026.67. The CSI 300 Index (SHSZ300) gained 0.7 percent to 3,317.37.
Construction material-related stocks: Hebei Iron & Steel Co. (000709 CH), the listed unit of China’s biggest steelmaker, climbed 4.4 percent to 5.20 yuan, the highest since April 14 last year. Anhui Conch Cement Co. (600585 CH), China’s biggest cement maker, gained 3.2 percent to 40 yuan.
China’s central government will boost spending on affordable housing and the rebuilding of shantytowns by 18 billion yuan ($2.8 billion), Premier Wen Jiabao said at a State Council meeting yesterday. Goldman Sachs Group Inc. boosted Anhui Conch’s earnings forecasts by at least 60 percent for fiscal 2011 through 2013 and predicted a tripling of earnings in the first half of the year.
China Baoan Group Co. (000009 CH), an investment holding company, slid 6.3 percent to 19.10 yuan, the biggest decline since March 17. The China Securities Regulatory Commission is looking into disclosures related to graphite mines, Shanghai Securities News reported, citing an unidentified official at the regulator. Baoan has no problems with disclosures and the check is just routine, Zhang Xiaofeng, an official at the company’s investor relations department, said by phone.
Taiyuan Twin Tower Aluminum Oxide Co. (000795 CH), a manufacturer of aluminum products, rose 3.7 percent to 21.27 yuan. The company said net income may rise by as much as 300 percent to 8.5 million yuan in the first half of the year.
--Zhang Shidong. Editor: Allen Wan
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