China Stocks: Baotou Steel, Hunan New Wellful, PetroChina
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses and prices are as of the 3 p.m. close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 5.2 points, or 0.2 percent, to 2,736.53. The CSI 300 Index (SHSZ300) dropped 0.4 percent to 2,978.38.
Drugmakers: Kangmei Pharmaceutical Co. (600518 CH) fell 8.5 percent to 11.90 yuan, the biggest decline in almost 21 months. Nanjing Pharmaceutical Co. (600713 CH) slid 6.9 percent to 12.44 yuan. Northeast Pharmaceutical (000597) Group Co. (000597 CH) lost 6.3 percent to 16.37 yuan.
“Institutions are selling drugmaker shares because there’s still a lot of uncertainty about the next round of drug price cuts by the government,” said Li Ying, analyst at Capital Securities Corp.
Pig faming companies: Hunan New Wellful Co. (600975 CH) jumped by the 10 percent daily limit to 11.20 yuan, the biggest gain since Jan. 28. Hunan Dakang Pasture Farming Co. (002505 CH) rose by the daily limit to 15.40 yuan. National Business Daily reported average live hog prices rose more than 50 percent for the week ended May 15 from a year earlier.
Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co. (600111 CH) gained 0.9 percent to 70.62 yuan. The company will be one of two corporations designated by Baotou’s city government to set up a rare-earth exchange in the city, according to a Shanghai Stock Exchange filing yesterday.
PetroChina Co. (601857 CH) rose 0.4 percent to 10.88 yuan, the highest since May 20. Oil rose to a two-week high in New York on signs of increased U.S. fuel demand. The nation’s largest oil producer may also bid for a stake in China Asset Management Co., a wholly owned unit of Citic Securities Co. (600030 CH), 21st Century Business Herald reported today, citing an unidentified person familar with the situation. Citic advanced 1.6 percent to 12.43 yuan, the most since May 13.
Sinosteel Anhui Tianyuan Technology Co. (002057 CH) added 2 percent to 20.79 yuan, the highest since May 13. The company plans to raise as much as 250 million yuan in a private placement by selling up to 16 million shares, according to a statement to the Shenzhen Stock Exchange yesterday.
--Zhang Shidong, Irene Shen. Editor: Allen Wan
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