China Stock Movers: Beijing Capital, Gemdale, NARI, Staidson
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 0.3 percent to 2,431.38. The CSI 300 Index dropped 0.3 percent to 2,653.78.
Developers: Gemdale Corp. (600383) (600383 CH) slid 1.2 percent to 4.87 yuan. Poly Real Estate Group Co. (600048 CH), the second- biggest developer, slipped 0.2 percent to 9.30 yuan.
China’s inflation exceeded 6 percent for a fourth month, limiting the government’s ability to ease monetary policy as a weakening global recovery threatens growth in the world’s second-largest economy.
Beijing Capital Development Co. (600376 CH) fell 2.1 percent to 8.27 yuan. China Life and China Life Insurance (Group) Co. sold 77.85 million Beijing Capital shares from July 20 to Oct. 11 and may continue to sell their shares in the company in the next 12 months, according to a statement from a China Life unit to Shanghai’s stock exchange today.
Guoyuan Securities Co. (000728 CH) lost 0.9 percent to 10.56 yuan, the biggest decline since Sept. 30. The brokerage’s net income for the first nine months fell 32 percent to 459.4 million yuan, according to a statement to the Shenzhen Stock Exchange.
NARI Technology Development Co. (600406 CH) lost 7.5 percent to 32.82 yuan, the biggest drop in a year. NARI said 30 million shares will become tradable on Oct. 21, which account for 2.87 percent of the company’s total, according to a statement to the Shanghai Stock Exchange.
Staidson Beijing Biopharmaceuticals Co. (300204 CH) jumped 7.3 percent to 50.20 yuan, the biggest rally since July 28. The company’s net income may have climbed 95 percent to 115 percent in the third quarter, according to a statement to the Shenzhen Stock Exchange.
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