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, rose 53.46 points, or 1.9 percent, to 2,812.82. The CSI 300 Index (SHSZ300) gained 2.4 percent to 3,121.98.
Auto stocks: SAIC Motor Corp. (600104 CH), China’s largest carmaker, gained 3.1 percent to 19.20 yuan, the highest close since April 12. Chongqing Changan Automobile Co. (000625 CH), the Chinese partner of Ford Motor Co. and Mazda Motor Corp., climbed 6.9 percent to 9.86 yuan.
Auto consumption may rise in the July to December period as liquidity is expected to ease, boosting consumer demand for mid- and high-end passenger cars, the Xinhua News Agency said, citing Dong Yang, deputy head of China Association of Automobile Manufacturers. A drop in oil prices and subsidies for alternative-energy vehicles may also help boost sales, it said.
Beijing Hualian Department Store Co. (000882 CH), an operator of supermarkets, rose 4.2 percent to 7.70 yuan after saying first-half net income may have risen between 200 percent and 250 percent from a year earlier to about 62 million yuan ($9.6 million).
Fujian Superpipe Technology Ltd. (300198 CH) gained 4.9 percent to 29.06 yuan, the biggest gain since its listing on April 7. The stock was rated “buy” in initial coverage at Shenyin & Wanguo Securities Co., which said sales of its pipe products may get a boost from the government’s plans to increase investment in water conservancy and environmental protection projects.
Jiangling Motors Corp. (000550 CH), the Chinese commercial vehicle partner with Ford Motor Co., gained 7.2 percent to 28.99 yuan after saying it expects its current pretax profit to increase by 54.4 million yuan.
Zijin Mining Group Co. (601899 CH), China’s largest gold producer, jumped by the 10 percent daily limit to 5.28 yuan. yuan. The stock went ex-dividend today as the company gave shareholders five bonus shares and a 1 yuan cash dividend for every 10 shares held. The stock trades at 17 times its estimated 2011 profit, compared with its four-year average of 25 times, according to data compiled by Bloomberg.
“Zijin shares have been traded low after the company’s toxic spill last year,” said Owen Liang, an analyst at Guotai Junan Securities Co. in Shenzhen. “Purchases were also triggered as Chinese investors seek companies that give a high number of bonus shares.”
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