China Stocks: Air China, Dingli Communications, Nan Yang Cable
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, declined 24.52 points, or 0.9 percent, to 2,679.26. The CSI 300 Index (SHSZ300) fell 0.7 percent to 2,956.38.
Airlines: Air China Ltd. (601111) (601111 CH), the nation’s largest international carrier, dropped 2.7 percent to 9.58 yuan. China Eastern Airlines Corp. (600115 CH) lost 3.1 percent to 5.26 yuan. China Southern Airlines Co. (600029 CH) retreated 3 percent to 8.04 yuan.
China set the import price for jet fuel at 7,768 yuan ($1,207) a metric ton for August, the National Development and Reform Commission said on its website yesterday. Air China, China Eastern and China Southern will raise passenger fuel surcharges from today, Shanghai Securities News reported.
Changshu Fengfan Power Equipment Co. (601700 CH) fell 4 percent to 23.28 yuan, the lowest close since June 20. The company’s net income slumped 24 percent to 74.6 million yuan in the first half, down from 98.1 million yuan a year earlier, according to a statement to the Shanghai Stock Exchange.
Dingli Communications Corp. (300050 CH) plunged 5.8 percent to 21.56 yuan, the lowest since its listing on January 2010. The company’s profit fell 29 percent to 52.3 million yuan ($8.1 million) in the first half, compared with 73.5 million yuan a year earlier, according to a statement to the Shenzhen Stock Exchange.
Guangdong Nan Yang Cable Group Holding Co. (002212 CH) surged by the 10 percent daily limit to 8.88 yuan, the biggest gain since Sept. 19, 2008. The company will provide cables to China’s southern grid worth 232.8 million yuan, according to a statement to the Shenzhen exchange.
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