China Stock Movers: Huaxia Bank, PetroChina, Tianjin Capital
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses and prices are as of the close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, slid 0.6 percent to 2,317.28. The CSI 300 Index fell 0.5 percent to 2,507.88.
Banks: Huaxia Bank Co. (600015 CH), partly owned by Deutsche Bank AG, added 2 percent to 11.13 yuan, the most since Oct. 12. China Minsheng Banking Corp. (600016 CH) gained 1.9 percent to 5.84 yuan.
The cities of Shanghai and Shenzhen, and the Zhejiang and Guangdong provinces will be able to sell debt themselves instead of going through the central government, according to a Finance Ministry statement yesterday. “This sends a strong signal that the central government is determined to find a solution to resolve local debt problems,” said Qu Hongbin, chief economist for Greater China at HSBC Holdings Plc (HSBA) in Hong Kong.
Environmental protection companies: Tianjin Capital Environmental Protection Group Co. (600874 CH) jumped 2.1 percent to 5.36 yuan. Shanghai Chengtou Holding Co., which directs fresh water using pumping stations, added 3.1 percent to 6.28 yuan, the most since Aug. 25.
China plans to include environmental protection investment in the annual fiscal budgets at all levels of government, according to a statement posted on the government’s website yesterday following a meeting of the cabinet, headed by Premier Wen Jiabao.
Changjiang Securities Co. (000783 CH), a brokerage based in Wuhan city in Hubei province, declined 2.8 percent to 9.09 yuan. The company said it had a net loss of 85 million yuan in the third quarter of the year.
PetroChina Co. (601857 CH), the nation’s largest oil producer, lost 0.9 percent to 9.65 yuan, its lowest close since Sept. 26, as the shares resumed trading after being suspended yesterday. PetroChina said it may have a 2011 refining loss of over 50 billion yuan ($7.8 billion). Its annual resource tax payments may rise to 29 billion yuan, the company said, confirming a Xinhua News Agency report.
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