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 33.35 points, or 1.4 percent, to 2,376.84. The CSI 300 Index (SHSZ300) declined 1.7 percent to 2,584.45.
Automakers: SAIC Motor Corp. (600104) (600104 CH), China’s largest carmaker, dropped 3.8 percent to 14.35 yuan. Chongqing Changan Automobile Co. (000625 CH), the Chinese partner of Ford Motor Co. and Mazda Motor Corp., lost 3.9 percent to 4.45 yuan.
Total vehicle deliveries -- forecast by the China Association of Automobile Manufacturers to grow 8 percent this year -- may fail to increase by even 5 percent because of the “difficult” economic backdrop, Gu Xianghua, one of two deputies to the secretary general at CAAM, said at a conference in Qingdao today, citing his personal opinion.
Refiners: China Petroleum & Chemical Corp. (600028) (600028 CH), Asia’s biggest oil refiner, fell 0.5 percent to 7.60 yuan. PetroChina Co. (601857 CH), the nation’s second-biggest refiner, slipped 0.5 percent to 10.21 yuan.
Gasoline and diesel prices will rise by 600 yuan ($95) a metric ton starting today after the three crude grades tracked by the National Development and Reform Commission climbed more than 10 percent, according to a statement on the planning agency’s website yesterday. Chinese refiners are unlikely to break even because of higher feedstock costs from the “current oil price environment,” Barclays Capital said in a report.
China United Network Communications Ltd. (600050) (600050 CH), which controls the nation’s second-largest cell phone operator, lost 1.5 percent to 4.48 yuan, the lowest close since Aug. 22. Its Hong Kong-listed unit China Unicom Ltd. (762 HK) said yesterday it added the least number of third-generation subscribers last month since October.
Sinolink Securities Co. (600109) (600109 CH) slumped 4.7 percent to 11.63 yuan, its biggest decline since Jan. 4. The brokerage said it would sell as many as 300 million shares for at least 10.31 yuan each in a private placement to boost capital, according to a statement to the Shanghai Stock Exchange.
--Zhang Shidong. Editor: Allen Wan
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