China Stocks: Chalco, Merchants Property, PetroChina, Vanke

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 0.07 point to 2,451.95. The CSI 300 Index (SHSZ300) gained 0.1 percent to 2,717.78.

Developers: China Vanke Co. (000002) (000002 CH), the nation’s biggest listed property developer, fell 1.6 percent to 9.07 yuan. China Merchants Property Development Co. (000024) (000024 CH), the third largest by market value, slid 1.6 percent to 23.39 yuan. Gemdale Corp. (600383) (600383 CH), the fourth biggest, lost 2.5 percent to 6.63 yuan.

Industrial & Commercial Bank of China Ltd. suspended a 15 percent discount on mortgages for first-time home buyers nationwide, the official Xinhua News Agency reported May 5. ICBC notified its borrowers by phone last week, according to the report.

Aluminum Corp. of China Ltd. (601600 CH), the listed unit of the nation’s biggest maker of the lightweight metal, gained 4.2 percent to 7.50 yuan, its biggest advance since March 21. Parent Aluminum Corp. of China was asked by Su Bo, vice minister of industry and information technology, to accelerate the nation’s rare earth consolidation and move toward setting up a rare earth group, according to a statement on the company’s website today.

PetroChina Co. (601857) (601857 CH), the nation’s second-largest oil refiner, fell 1 percent to 9.98 yuan. Gasoline and diesel prices may drop by 300 yuan ($47.5) per ton, or 0.22-0.26 yuan a liter, the Shanghai Securities News reported today, citing Hu Huichun, an analyst at researcher Chem99.com.

--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