China Stocks: China Eastern, CSR, Rising Nonferrous Metals
Stock Chart for CSR Corp Ltd (601766)
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, rose 14.28 points, or 0.5 percent, to 2,703.03. The CSI 300 Index (SHSZ300) gained 0.3 percent to 2,977.77.
Airline stocks: China Eastern Airlines Corp. (600115 CH), the nation’s second-largest carrier, surged by its 10 percent daily limit to 5.6 yuan, the biggest gain since March 2009. Air China Ltd. (601111 CH), the world’s largest carrier by market value, rose 6.9 percent to 10.37 yuan. China Southern Airlines Co. (600029 CH), the nation’s biggest carrier by fleet size, advanced 9.2 percent to 8.68 yuan.
Ticket prices for Beijing-Shanghai flights rebounded after the fatal high-speed rail crash in China’s Zhejiang province on July 23. The average one-way fare for China’s busiest route was 905 yuan ($140) before tax and fuel surcharges as of July 24, compared with 825 yuan on July 1, Ni Wei, an investor relations officer at China Eastern, said in a phone interview today.
CSR Corp. (601766 CH), the nation’s biggest train maker, fell 3.6 percent to 5.82 yuan, the lowest close since Oct. 12. The company made one of the trains in the train crash in Zhejiang on July 23, a press officer said.
Rising Nonferrous Metals Share Co. (600259 CH) rose 5.6 percent to 72.10 yuan, the biggest gain in a month. The company said first-half net income may have risen more than 750 percent from 15.5 million yuan a year earlier because of a “large increase” in rare-earth prices.
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