China Stocks: Haier, Hisense, Jianghuai Auto, Poly Real Estate

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, rose 7.43 points, or 0.3 percent, to 2,447.06. The CSI 300 Index (SHSZ300) gained 0.3 percent to 2,656.57.

Appliances makers: Hisense Electric Co. (600060) (600060 CH), China’s biggest manufacturer of flat-panel televisions, jumped 9.9 percent to 19.66 yuan. Qingdao Haier Co. (600690 CH), China’s biggest refrigerator maker, added 3.6 percent to 10.68 yuan.

Investors are anticipating the government will introduce measures that encourage purchases of home appliances, according to James Hu, an analyst at Capital Securities Corp.

“It may come as early as the National People’s Congress next month,” Hu said by telephone from Shanghai, referring to the annual meeting of the nation’s legislature that’s scheduled to start Mar. 5 in Beijing.

Automakers: Anhui Jianghuai Automobile Co. (600418) (600418 CH), a unit of China’s biggest light-truck exporter, surged by the 10 percent daily limit to 7.26 yuan. Dongfeng Automobile Co. (600006 CH), which makes light trucks in China with Nissan Motor Co., jumped the maximum 10 percent to 3.81 yuan. FAW Car Co. (000800 CH), which makes passenger cars in China with Volkswagen AG, gained 2 percent to 10.48 yuan.

China issued a preliminary list for official-vehicle purchases this year that excludes all foreign brands. The list contains 412 domestic brands, the Ministry of Industry and Information Technology said in a statement.

Poly Real Estate Group Co. (600048) (600048 CH), China’s second- largest developer by market value, dropped 1.3 percent to 11.55 yuan. The developer cut prices for more than 100 projects in more than 40 cities from the beginning of this year, the China Business Media reported on its website on Feb. 24, citing an unidentified official from the company.

--Zhang Shidong. Editor: Chan Tien Hin

To contact Bloomberg News staff for this story: Zhang Shidong in Shanghai at szhang5@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.