China Stocks: Agricultural Bank, China Vanke, Shanghai Electric
Stock Chart for Agricultural Bank of China Ltd (601288)
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 24.61 points, or 0.9 percent, to 2,705.43. The CSI 300 Index (SHSZ300) declined 1 percent to 2,963.12.
Banks: Agricultural Bank of China Ltd. (601288) (601288 CH) dropped 0.7 percent to 2.71 yuan. Industrial Bank Co. (601166 CH) lost 2.1 percent to 13.16 yuan.
The People’s Bank of China yesterday ordered banks to set aside more deposits as reserves after consumer prices rose 5.5 percent in May, the biggest gain since 2008. Reserve ratios for the largest banks will rise by a half a percentage point to a record 21.5 percent from June 20, while for smaller banks they will climb to 19.5 percent.
Developers: China Vanke Co. (000002 CH), the nation’s largest developer, slid 1.2 percent to 8.07 yuan. Gemdale Corp. (600383) (600383 CH) retreated 1.6 percent to 6.09 yuan.
Standard and Poor’s cut its outlook for developers to “negative” from “stable” because of tightened onshore credit conditions and increasingly restrictive government policies, according to a report from the credit rating company today.
Shanghai Electric Group Co. (601727 CH), China’s largest maker of power equipment, gained 1.5 percent, the most since May 9, to 6.83 yuan after saying it plans to invest 1 billion yuan in an energy venture with Shanghai Municipal Electric Power Co. Shanghai Electric will own 50 percent of the venture, which will manufacture energy-saving and environmental products, it said.
--Zhang Shidong. Editor: Matthew Oakley
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