Breaking News

Indonesia Court Dismisses Prabowo Election Result Challenge
Tweet TWEET

China Stocks: BYD, Citic Securities, Midea Holding, SAIC Motor

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, rose 32.69 points, or 1.4 percent, to 2,378.89. The CSI 300 Index (SHSZ300) gained 1.5 percent to 2,613.94.

Household appliance stocks and automakers: GD Midea Holding Co. (000527) (000527 CH), China’s second-biggest publicly traded appliance maker, added 1.8 percent to 13.89 yuan. Hefei Rongshida Sanyo Electric Co. (600983 CH), a washing machine maker, surged 7.8 percent to 9.17 yuan.

SAIC Motor Corp. (600104) (600104 CH), China’s largest carmaker, rose 2.3 percent to 15.47 yuan. BYD Co. (002594 CH), the automaker part-owned by Warren Buffett’s Berkshire Hathaway Inc., advanced 4 percent to 25.12 yuan.

China will allocate 26.5 billion yuan ($4.2 billion) in subsidies to promote the use of energy-saving household appliances and products, according to a statement posted on the government’s website yesterday, citing a State Council meeting at which Premier Wen Jiabao presided. The nation will also allocate a further 6 billion yuan of subsidies for purchases of vehicles with engines of less than 1.6 liters, it said.

Brokerages: Citic Securities Co. (600030) (600030 CH), China’s biggest listed brokerage, gained 3.8 percent to 13.31 yuan. GF Securities Co. (000776 CH), the second largest, added 5.9 percent to 33.10 yuan. Haitong Securities Co. (600837) (600837 CH), the third biggest, rose 4.5 percent to 10.25 yuan.

China will start a trial next week that will allow brokerages to borrow stocks for clients wishing to conduct short selling, the China Securities Journal reported. Brokers can also borrow money on behalf of clients for margin financing, the newspaper reported, without saying where it got the information.

--Zhang Shidong. Editor: Allen Wan

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

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to 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.