China Stocks: Merchants Securities, Shenhua, Wuhan Steel, XCMG
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 38.16 points, or 1.5 percent, to 2,554.02. The CSI 300 Index (SHSZ300) gained 1.6 percent to 2,821.
China Merchants Securities Co. (600999 CH) rallied 1.9 percent to 12 yuan, the largest increase since Aug. 11. The brokerage said net income for the six months rose 7.8 percent from a year earlier to 1.48 billion yuan ($231 million).
China Shenhua Energy Co. (601088 CH), the nation’s largest coal producer, climbed 1.5 percent to 25.61 yuan, snapping a five-day drop. Production rose 26.2 percent from a year earlier to 23.1 million tons in July, the company said. Sales jumped 26.5 percent to 32 million tons last month, it said.
Shanghai Electric Power Co. (600021 CH), the supplier of a third of the electricity in China’s richest city, gained 1.6 percent to 5.25 yuan after first-half net income jumped 900 percent from a year earlier to 182.9 million yuan.
Wuhan Iron & Steel Co. (600005 CH), the publicly traded unit of China’s fourth-biggest mill, climbed 1.1 percent to 3.54 yuan after saying first-half profit gained 15 percent from a year earlier to 1.2 billion yuan as increased output helped counter a drop in prices.
XCMG Construction Machinery Co. (000425 CH), China’s biggest crane maker, added 1.9 percent to 22.62 yuan, the steepest gain in a week. The company received approval from China Securities Regulatory Commission to sell as many as 593 million shares in Hong Kong.
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