Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of the close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 1.43 points, or less than 0.1 percent, to 2,415.13. The CSI 300 Index (SHSZ300) gained 0.1 percent to 2,609.69.
Air-conditioner stocks: Gree Electric Appliances Inc. (000651) (000651 CH), China’s largest maker of home air-conditioners, slid 3.2 percent to 17.99 yuan, its lowest close since Oct. 21. GD Midea Holding Co. (000527 CH), China’s second-biggest publicly traded appliance maker, retreated 3.1 percent to 12.11 yuan, the lowest level since July 16, 2010.
Citic Securities Co., China’s largest publicly traded brokerage, cut its rating on air-conditioner makers to “neutral” in a report today, saying a warm winter is expected to hurt sales and buyers are less willing to spend money as the economy slows. The report didn’t say what the previous rating for the industry was.
Coal stocks: China Shenhua Energy Co. (601088 CH), the nation’s largest coal producer, fell 1.5 percent to 26.22 yuan. China Coal Energy Co. (601898 CH), the second largest, lost 1.4 percent to 9.67 yuan.
China’s benchmark thermal-coal price at Qinhuangdao declined for a second week as stockpiles climbed after fog and high winds prevented ships from docking at the port to load the fuel. Coal with an energy value of 5,500 kilocalories per kilogram fell 0.6 percent to a range of 840 yuan ($132) to 850 yuan a metric ton as of yesterday compared with a week earlier, according to data published today from the China Coal Transport and Distribution Association.
Beijing Shougang Co. (000959 CH), a steelmaker, slumped by the 10 percent daily limit to 3.89 yuan. The stock resumed trading today after being halted since October 2010. Beijing Shougang said it will swap its steel assets with assets worth about 18 billion yuan belonging to affiliate Hebei Shougang Qian An Iron and Steel Co., according to a statement to the Shenzhen Stock Exchange on Nov. 18. Hebei Shougang is also a unit of Shougang Group.
Shenma Industry Co. (600810 CH) tumbled by the 10 percent limit to 10.22 yuan. The company scrapped a plan to conduct “major asset restructuring” through stock sales to designated investors, Shenma said in a Nov. 18 statement after the market closed.
--Zhang Shidong. Editor: Darren Boey
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