China Stocks: Guangzhou Steel, Xi’an Aircraft, ZTE
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 25.32 points, or 0.9 percent, to 2,741.74. The CSI 300 Index (SHSZ300) declined 1.2 percent to 2,990.34.
Agricultural stocks: Heilongjiang Agriculture Co. (600598 CH) gained 0.7 percent to 13.67 yuan, its biggest advance in a week. Yuan Longping High-tech Agriculture Co. (000998 CH), a seed producer, added 1.3 percent to 26.82 yuan.
A worsening drought in south China may push up rice prices, the National Business Daily reported, citing an unidentified statistics official at Beijing Xinfadi Agricultural Product Center. Rainfall was less than average in Hunan and Jiangxi provinces, which produce half of the country’s early indica rice, it said.
Guangzhou Iron and Steel Co. (600894 CH) jumped 2.4 percent to 8.07 yuan, its biggest gain since May 18. Baosteel Group Corp., which owns the steelmaker’s parent company, said it expects to get approval for a 10-million-metric-ton mill this year.
Xi’an Aircraft International Corp. (000768) (000768 CH), a Chinese supplier of parts to Boeing Co. and Airbus SAS, dropped 1.6 percent to 9.90 yuan. The reason one of the aircraft maker’s MA60 passenger planes crashed in Indonesia is under investigation, the company said in a statement on the Shenzhen Stock Exchange. Other similar MA60s are operating normally and no customers have cancelled or changed contracts so far, the statement said.
ZTE Corp. (000063) (000063 CH), China’s second-biggest phone- equipment maker, slid 3 percent to 25.51 yuan, its lowest close since Jan. 27. The company said today it expects sales this year to expand at about the same pace as 2010. Sales rose 17 percent last year and analysts’ consensus forecast is for 23 percent growth in 2011.
--Zhang Shidong. Editor: Allen Wan
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