China Stocks: Anhui Expressway, China International Marine
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses and prices are as of 3 p.m. close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, dropped 28.31 points, or 1 percent, to 2,765.89. The CSI 300 Index (SHSZ300) fell 1.1 percent to 3,059.14.
Property developers: China Vanke Co. (000002 CH), the nation’s biggest listed property developer, fell 0.8 percent to 8.4 yuan. Poly Real Estate Group Co. (600048 CH), the second- largest, declined 2.3 percent to 10.84 yuan, the biggest decline in the week.
China’s banking regulator will strictly control risks associated with lending to property and local financing vehicles, according to a statement on the China Banking Regulatory Commission’s website yesterday, citing a meeting.
The regulator will closely watch for risks in property markets of second and third tier cities and boost lending for the construction of public rental housing, the statement said.
Toll-road stocks: Anhui Expressway Co. (600012) (600012 CH) slid 1.1 percent to 5.26 yuan, the lowest since June 29. Sichuan Expressway Co. (601107 CH) dropped 1.1 percent to 5.48 yuan.
Citigroup Inc. said it’s turning bearish on China’s toll- road stocks because of concerns about slower traffic growth in a decelerating economy and lower tariffs in an inflationary environment.
China International Marine Containers (Group) Co. (000039 CH), the world’s largest maker of shipping containers surged 7.8 percent to 22.77 yuan, the biggest gain since April 8. The company said first-half net income may rise 180 percent to 230 percent from the same period a year ago to as much as 3.01 billion yuan ($466 million).
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