BoCom, Shandong Weigao, Tepco : Asia Stocks Preview
The following companies may have unusual price changes in Asian trading tomorrow. Stock symbols are in parentheses, and share prices are as of the latest close. The information in each item was released after markets shut unless stated otherwise.
Bank of Communications Co. (3328 HK): China’s fifth-largest lender said it plans to raise 56.6 billion yuan ($8.9 billion). The lender will sell 6.54 billion new Shanghai-traded shares to seven investors at 4.55 yuan apiece, and almost 5.56 billion new Hong Kong-traded shares for HK$5.63 each, it said. Shares will resume trading in Hong Kong on March 16, it said.
Hitachi Ltd. (6501) (6501 JT): The maker of electronic equipment and machinery boosted its net-income forecast by about 20 percent to 490 billion yen ($5.9 billion) for the year ending March 31, the company said in a statement, citing higher-than- expected profit from selling its hard-disk drive business. The stock slid 0.4 percent to 489 yen.
Shandong Weigao Group Medical Polymer Co. (1066) (1066 HK): The medical products maker said net profit for the year ended Dec. 31 rose to 3.46 billion yuan from 799 million yuan a year earlier. The stock fell 0.9 percent to HK$7.37.
Shasun Pharmaceuticals Ltd. (SAPH) : An Indian drugmaker sold property for 290 million rupees ($6 million), according to exchange filing. The shares fell 0.4 percent to 85.05 rupees, ending a three-day rally.
Takeda Pharmaceutical Co. (4502) (4502 JT): The drug maker will agree to 80 billion yen in syndicated loans by the end of this month, according to five people familiar with the matter. The stock added 0.4 percent to 3,715 yen.
Tohoku Electric Power Co. (9506) (9506 JT): The utility said it was investigating after a unit at its Agekawa hydropower station in Niigata shut down on March 14 due to rising temperatures in the water turbine. The stock gained 0.6 percent to 988 yen.
Tokyo Electric Power Co. (9501) (9501 JT): The utility known as Tepco, Tokyo Gas Co. (9531 JT) and Osaka Gas Co. (9532 JT) agreed to extend their liquid natural gas purchasing pact with Brunei LNG Sendirian by 10 years after the existing agreement expires in March 2013, according to a statement. Tepco lost 0.9 percent to 224. Tokyo Gas gained 1 percent to 393 yen, while Osaka Gas rose 0.9 percent to 324 yen.
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