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 20 points, or 0.7 percent, to 2,872.77. The CSI 300 Index (SHSZ300) gained 0.8 percent to 3,139.38.
Consumer staples stocks: Kweichow Moutai Co. (600519 CH), China’s biggest maker of baijiu liquor by market value, climbed 3.9 percent to 194.95 yuan, its highest close since Dec. 20. Wuliangye Yibin Co. (000858 CH), the second biggest producer, rose 2.4 percent to 33.84 yuan.
Food and beverage companies will have “solid earnings growth” this year and they are very good “defensive” stocks, analysts led by Hong Ting at Huatai United Securities Co. wrote in a report dated yesterday.
Bengang Steel Plates Co. (200761) (000761 CH) jumped 1.4 percent to 8.65 yuan, its highest close since August 2009. The steelmaker said it plans to raise up to 3.77 billion yuan ($579 million) by selling no more than 543 million shares in a private placement. The company will use part of the proceeds to acquire a 75 percent stake of its parent’s joint venture with Posco. The stock resumed trading today after being suspended the past month.
Datang International Power Generation Co. (601991 CH), the unit of China’s second-biggest electricity producer, dropped 2.6 percent to 7.27 yuan after saying it plans to sell as much as 6 billion yuan of bonds with maturities of as long as 15 years to help repay debt.
Zhejiang Narada Power Source Co. (300068 CH), a manufacturer of batteries, slid 2.5 percent to 16.47 yuan, an eighth day of declines. The company said its units in Hangzhou have halted production as the local government ordered battery companies to suspend operation for lead-pollution inspections.
Nationz Technologies Inc. (300077) (300077 CH), a maker of integrated circuits and chips, dropped 5 percent to 29.79 yuan, its lowest close since listing in April last year. ZTE Corp. (000063) (000063 CH) said it may sell shares of Nationz Technologies at a “proper” time. ZTE, China’s second-biggest phone-equipment maker, added 1.8 percent to 26.85 yuan after being suspended yesterday.
--Zhang Shidong. Editor: Richard Frost
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