China Stocks: China Cosco, China Oilfield, Huaneng, PetroChina
Shipping lines: China Cosco Holdings Co. (601919) (601919 CH), the world’s largest operator of dry-bulk ships, gained 2.9 percent to 5.29 yuan. China Shipping Development Co. (600026 CH), a unit of China’s second-biggest sea-cargo group, rose 1.3 percent to 6.37 yuan.
The Baltic Dry Index, a broader measure of costs to transport commodities, advanced for a 19th session yesterday, the longest winning streak since it rose for 23 days in June 2009. It rose 0.6 percent yesterday.
China Oilfield Services Ltd. (601808) (601808 CH), the drilling unit of the nation’s largest offshore oil producer, slid 3.2 percent to 17.89 yuan. Net income fell to 4.04 billion yuan ($638.9 million) last year, based on international accounting standards, the company said in a statement. This compares with the average of 4.2 billion yuan based on 10 analyst estimates compiled by Bloomberg.
Huaneng Power International Inc. (600011) (600011 CH), the listed unit of China’s largest power group, slid 4 percent to 5.26 yuan, the most since Dec. 5. Net income slumped 64 percent from a year earlier in 2011, Huaneng Power said in a statement yesterday.
PetroChina Co. (601857) (601857 CH), the nation’s biggest oil company, dropped 1.1 percent to 10.10 yuan. The company is expected to report a 7 percent decline in 2011 profit due to losses from oil refining and natural gas imports, Gordon Kwan, Mirae Asset Securities Ltd.’s head of energy research in Hong Kong, said in a report e-mailed yesterday.
--Zhang Shidong. Editor: Tim Farrand
To contact Bloomberg News staff for this story: Zhang Shidong in Shanghai at email@example.com
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org