House Has Enough Votes to Pass Budget Easing $63 Billion in Cuts
Huaneng, PetroChina, Shanghai Airport: China Equity Preview
Shares of the following companies may have unusual moves in China trading. Stock symbols are in parentheses and prices are as of the previous close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, slid 13.2 points, or 0.5 percent, to 2,859.57. The CSI 300 Index (SHSZ300) retreated 0.6 percent to 3,120.64.
Developers: Beijing may start a property tax as early as the second half of this year, the China Securities Journal reported today, citing an unidentified person familiar with the situation.
China Vanke Co. (000002 CH), the nation’s largest developer by market value, sank 1.8 percent to 8.26 yuan. Poly Real Estate Group Co. (600048 CH) slid 2.1 percent to 10.11 yuan.
Power companies: A nationwide increase of China’s power prices is “unlikely,” the China Securities Journal reported today, citing China State Grid Corp. Vice President Shu Yinbiao. Price adjustments will depend on each province, the newspaper cited Shu as saying. Huaneng Power International Inc. (600011) (600011 CH), the listed unit of China’s largest power group, slipped 2.7 percent to 6.23 yuan.
Rare earth stocks: China will raise standards for rare earth exporters and won’t approve new project expansions in an effort to curb overcapacity, illegal mining and sales, the government said yesterday.
Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co. (600111 CH) added 2.2 percent to 61.20 yuan. Rising Nonferrous Metals Share Co. (600259 CH) dropped 0.5 percent to 61.35 yuan.
Tourism companies: Chinese Vice Premier Wang Qishan said in Beijing the country will bolster tourism as a strategic pillar industry of the country, the China Securities Journal reported today.
China International Travel Service Corp. (601888 CH), the nation’s largest travel agency, lost 0.9 percent to 26.42 yuan. Beijing Capital Tourism Co. (600258 CH) declined 0.1 percent to 20.24 yuan.
PetroChina Co. (601857 CH): The nation’s second-biggest refiner will shut half the capacity of its largest refining plant in northern China’s Dalian city for more than a month for maintenance, said a company official yesterday, who declined to be identified because of company rules. The stock climbed 0.2 percent to 11.04 yuan.
Shanghai International Airport Co. (600009 CH): The airport’s April passenger throughput increased 7 percent on year to 3.43 million, according to a Shanghai Stock Exchange filing. The shares rose 1.5 percent to 13.95 yuan.
China Shenhua Energy Co. (601088 CH): Mongolia will announce in June the winning bid to develop a coal deposit with 1.2 billion tons, the Xinhua News Agency said. The company’s parent is one of the six finalists. The shares fell 0.6 percent to 28.36 yuan.
--Irene Shen, Liza Lin. Editor: Shiyin Chen
To contact Bloomberg News staff for this story: Irene Shen in Shanghai at +86-21-6104-3049 or Ishen4@bloomberg.net
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