China Stocks: AgriBank, FAW Car, Hunan Yonker, Lontrue
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of 9:58 a.m. local time.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 19.10 points, or 0.7 percent, to 2,724.48. The CSI 300 Index (SHSZ300) declined 0.8 percent to 2,981.70.
Automakers: FAW Car Co. (000800 CH), which makes passenger cars in China with Volkswagen AG, dropped 1.3 percent to 13.38 yuan. Chongqing Changan Automobile Co. (000625 CH), the Chinese partner of Ford Motor Co. and Mazda Motor Corp., lost 1.8 percent to 8.88 yuan.
China’s passenger car sales, excluding minivans, dropped 1 percent in May from a year earlier to 850,000 units, 21st Century Business Herald reported today, citing the country’s Passenger Car Association. Sales fell 11 percent last month from April, it said.
Banking stocks: China Construction Bank Corp. (601939) (601939 CH), the country’s second-largest bank, slid 1.2 percent to 4.99 yuan. Agricultural Bank of China Ltd. (601288 CH), the fourth biggest, fell 1.4 percent to 2.80 yuan.
China’s state-run investment firm Central Huijin Investment Co. has no plan to raise its stakes in the country’s four biggest commercial banks by purchasing shares in the market, Caixin Online reported yesterday, citing an unidentified person.
Hunan Yonker Environmental Protection Co. (300187 CH) gained 2.1 percent to 52.51 yuan, set for the highest close in a week. Citic Securities Co. initiated its coverage of the company with “buy,” saying Hunan Yonker’s stake purchase in a unit treating base metal pollution will boost earnings, Wu Fei and Wang Haixu, analysts at the brokerage, wrote in a report today.
Lontrue Co. (300175 CH), the nation’s biggest listed producer of dried fruit, jumped 4.5 percent to 16.69 yuan, heading for its biggest gain since March 14. The stock was rated “buy” in initial coverage at Citic Securities, which cited capacity expansion and fruit product exports. The brokerage set a share-price estimate of 20.8 yuan, analysts Mao Changqing and Shi Liang wrote in a report today.
Yunnan Tin Co. (000960 CH), the world’s largest producer of the metal, retreated 1.6 percent to 28.71 yuan after saying it plans to set up a copper-smelting unit to diversify. The board has approved 100,000 metric tons of copper-smelting capacity, it said.
--Zhang Shidong. Editor: Richard Frost
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