Breaking News

Procter & Gamble Posts Third-Quarter Earnings of $1.04 per Share, Beating Estimates
Tweet TWEET

China Stocks: China CSSC, China Eastern, China Life, Suning

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, fell 15.65 points, or 0.7 percent, to 2,394.79. The CSI 300 Index (SHSZ300) declined 0.7 percent to 2,603.

Defense-related stocks: China CSSC Holdings Ltd. (600150) (600150 CH), a unit of the nation’s biggest shipbuilder, surged 7.5 percent to 36.63 yuan. Sichuan Chengfa Aero-Science & Technology Co. (600391) (600391 CH) rose 4.3 percent to 20.83 yuan. China Aerospace Times Electronics Technology Co. (600879 CH) added 1.5 percent to 9.30 yuan.

China plans to increase defense spending 11.2 percent to about 670 billion yuan ($106.4 billion) this year, Li Zhaoxing, spokesman for the NPC, said on March 4. The nation’s military expenditure will maintain the current growth rate in the next three-to-five years, Wei Meng and Dong Yaguang, analysts at Sinolink Securities Co., wrote in a report today.

China Eastern Airlines Corp. (600115 CH), the nation’s second-largest carrier, dropped 0.7 percent to 4.22 yuan. Chairman Liu Shaoyong said demand for international passenger and cargo flights is “clearly falling,” predominately because European consumers are cutting spending, he told reporters in Beijing yesterday. There will also be a “big difference” in full-year travel growth in 2012 from the previous year, he said.

China Life Insurance Co. (601628) (601628 CH), the nation’s biggest insurer, slipped 1.1 percent to 17.50 yuan, its lowest close since Jan. 9. Net income for 2011 may have dropped by 40 percent to 50 percent from a year earlier based on Chinese accounting standards, the company said in a statement yesterday.

Suning Appliance Co. (002024) (002024 CH), China’s biggest home appliance retailer by market value, jumped 8.6 percent to 10.10 yuan, the most since April 2009. Chairman Zhang Jindong said it will expand the range of products it sells beyond appliances.

--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

Bloomberg reserves the right to edit or 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.