China Stocks: Anhui Conch, Baotou Rare-Earth, Zijin Mining Group
The Shanghai Composite Index (SHCOMP), which tracks the bigger of China’s stock exchanges, rose 1.20 points, or 0.1 percent, to 2,373.44. The CSI 300 Index (SHSZ300) gained less than 0.1 percent to 2,633.
Cement stocks: Anhui Conch Cement Co. (600585) (600585 CH), China’s biggest cement maker, slid 3.4 percent to 17.32 yuan, its biggest loss since March 15. Huaxin Cement Co. (600801) (600801 CH), the Chinese affiliate of Holcim Ltd., lost 4.2 percent to 15.55 yuan. Jiangxi Wannianqing Cement Co. (000789 CH) slid 4.8 percent to 14.20 yuan.
China’s home prices fell to a 16-month low in May, posting a ninth month-on-month drop, SouFun Holdings Ltd., the nation’s biggest real estate website owner, said in a statement today, based on its survey of 100 cities.
Rare earth producers: Rising Nonferrous Metals Share Co. (600259) (600259 CH) rose 5.1 percent to 78.05 yuan. Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co. (600111 CH), China’s biggest producer of rare earth, added 3.3 percent to 45.67 yuan.
The Ministry of Industry and Information Technology is studying plans for the government to stockpile rare-earth minerals to curb price volatility, the China Securities Journal reported today, citing an unidentified person.
Zijin Mining Group Co. (601899) (601899 CH), China’s largest gold producer, added 0.7 percent to 4.14 yuan. Zijin, which owns 16.98 percent of Norton Gold Fields Ltd., agreed to buy the rest of the Australian company it doesn’t already own for about A$180.3 million ($174 million), according to a filing by Brisbane-based Norton yesterday.
--Zhang Shidong. Editor: Chan Tien Hin
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