Banking stocks: Agricultural Bank of China Ltd. (601288 CH), the nation’s fourth largest by assets, fell 0.7 percent to 2.68 yuan. China Merchants Bank Co. (600036 CH) lost 1.4 percent to 12.47 yuan. China Minsheng Banking Corp. (600016) (600016 CH), the nation’s first privately owned bank, dropped 2 percent to 6.29 yuan.
Total bank lending in the first 28 days of January may be 750 billion yuan ($118.9 billion) to 800 billion yuan, the 21st Century Business Herald reported today, citing an unidentified person. New loans exceeded 1 trillion yuan in every January over the past three years, according to data compiled by Bloomberg.
China United Network Communications Ltd. (600050) (600050 CH), which controls the nation’s second-largest cell phone operator, fell 1.2 percent to 4.82 yuan, its lowest close since Aug. 24. China United had its recommendation cut to “neutral” at Shenyin & Wanguo Securities Co. because the company’s capital spending may exceed estimates amid a rapid increase in 3G subscribers, Wang Jing, an analyst at the brokerage wrote in a report today. The previous rating was “outperform,” according to data compiled by Bloomberg.
Nanjing Pharmaceutical Co. (600713) (600713 CH), a Chinese distributor and producer of medicines, lost 2 percent to 3.89 yuan, its lowest close since Jan. 16. Nanjing Pharmaceutical said it would post a 2011 net loss because of higher interest rates on loans and after the results of some of its business adjustments failed to meet expectations.
Zhuzhou Smelter Group Co. (600961) (600961 CH), China’s biggest producer of refined zinc, slid 2.7 percent to 9.96 yuan. Net loss for 2011 may total about 590 million yuan, Zhuzhou Smelter estimated in a statement yesterday. That compares with profit of 17.5 million yuan in the year-earlier period, according to the statement.
--Zhang Shidong. Editor: Allen Wan
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