China Stocks: China State Construction, Hunan Yonker, Zhifei
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 26.95 points, or 1 percent, to 2,871.03. The CSI 300 Index (SHSZ300) added 0.9 percent to 3,128.09.
Coal producers: China Shenhua Energy Co. (601088 CH), the nation’s largest coal producer, rose 2.2 percent to 28.08 yuan, the biggest gain since April 21. China Coal Energy Co. (601898 CH), the second biggest, added 1.5 percent to 10.16 yuan.
Coal prices at Qinhuangdao port, a benchmark in China, rose for the eighth week to the highest in more than two and half years as inventories of the fuel fell, the Securities Times reported today, citing unidentified data. Coal prices rose by an average 5 yuan per metric ton in the week ended May 11, it said.
China State Construction Engineering Corp. (601668 CH), the nation’s largest housing contractor, jumped 2.6 percent to 3.98 yuan, the biggest gain since April 15. The company said its property sales increased 48 percent to 26.7 billion yuan ($4.1 billion) in the first four months of 2011 from a year earlier. Construction contracts increased 89 percent to 249 billion yuan in the January-April period, it said.
Chongqing Zhifei Biological Products Co. (300122 CH) climbed 4 percent to 34.28 yuan, the biggest advance since March 9. The company offered 65 million euros ($93 million) to acquire the Netherlands’ Bilthoven Biologicals, a private company, according to a statement from the Chinese drugmaker to Shenzhen’s stock exchange yesterday.
Hunan Yonker Environmental Protection Co. (300187 CH) jumped 4.7 percent to 49.69 yuan, its steepest gain since April 1. Citic Securities Co. rated the stock “buy” in new coverage. Yonker’s home province of Hunan will invest about 100 billion yuan in the environmental protection industry from 2011 to 2015, ensuring “high” growth for the company, Wang Haixu and Wu Fei, analysts at the brokerage, wrote in a report today.
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