China Stocks: Changchun Gas, China Vanke, Cosco Shipping
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of the close.
The Shanghai Composite Index (SHCOMP), which tracks the bigger of China’s stock exchanges, advanced 0.7 point, or less than 0.1 percent, to 2,331.14 at the close, after changing directions at least 12 times. Twice as many stocks rose as fell. The CSI 300 Index declined 0.1 percent to 2,504.32.
Gas-related stocks: Changchun Gas Co. (600333) (600333 CH) jumped 10 percent to 7.67 yuan. Shenzhen Gas Corp. (601139) (601139 CH) rose 2.2 percent to 11.06 yuan, while Shaan Xi Provincial Natural Gas Co. (002267) (002267 CH) rallied 3.1 percent to 16.04 yuan in Shenzhen.
“The gas sector is very promising,” Qiushi Qi, an analyst at China Minzu Securities Co., said by telephone from Beijing. “We estimate the nation’s gas demand to rise above 10 percent annually in at least the next five years.”
China Vanke Co. (000002) (000002 CH), the biggest Chinese developer, slid 2.2 percent to 7.62 yuan. The company reported a 39 percent drop in January sales.
Cosco Shipping Co. (600428) (600428 CH), the nation’s biggest shipping line, gained 0.9 percent to 4.43 yuan amid optimism a stronger U.S. economy will bolster global trade. American employers added 243,000 jobs in January and the unemployment rate dropped to 8.3 percent from 8.5 percent in December, the Labor Department reported last week in Washington. The improvement exceeded the most optimistic forecasts in a Bloomberg News survey of economists.
To contact the reporter on this story: Weiyi Lim in Singapore at wlim26@bloomberg.net
To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net
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