China Stocks: Sanan, Sinopec Shanghai, Suning, Yonghui, ZTE
Shares of the following companies were having unusual moves in China trading. Stock symbols are in parentheses as of the close in Shanghai.
The Shanghai Composite Index (SHCOMP), which tracks the bigger of China’s stock exchanges, fell 1.7 percent to 2,147.96, the lowest close since March 13, 2009. The CSI 300 Index (SHSZ300) declined 2.1 percent to 2,399.73.
Sanan Optoelectronics Co. (600703) (600703 CH), China’s biggest listed maker of light-emitting diode epitaxial wafers, gained 3.9 percent to 13.14 yuan, the biggest gain since June 18. First-half profit excluding extraordinary gains or losses may have surged more than 90 percent from a year earlier, Sanan said in a statement today.
Shanghai Chaori Solar Energy Science & Technology Co. (002506) (002506 CH), a maker of solar modules, tumbled by the 10 percent daily cap to 5.82 yuan. The company said in a July 13 statement that it may have posted a loss of at least 120 million yuan ($18.8 million) in the first half of the year.
Sinopec Shanghai Petrochemical Co. (600688) (600688 CH), China’s largest maker of ethylene, slid 5 percent to 5.71 yuan. The company said it probably posted a first-half loss on global crude oil price volatility.
Suning Appliance Co. (002024 CH), China’s biggest home appliance retailer by market value, slumped the maximum 10 percent to 7.28 yuan, the most since July 2004. First-half profit probably dropped as much as 30 percent from a year earlier, the company said in a statement on July 13 after the market closed.
Yonghui Superstores Co. (601933) (601933 CH), a supermarket operator, jumped 7.1 percent to 23.82 yuan, snapping an eight- day, 19 percent loss. Citic Securities Co. upgraded its recommendation on the stock to outperform, citing an improving earnings outlook, Zhao Xueqin, an analyst at the brokerage, wrote in a report today. The stock was previously rated hold at Citic, according to data compiled by Bloomberg.
ZTE Corp. (000063) (000063 CH), China’s second-biggest phone- equipment maker, tumbled by the 10 percent daily limit to 11.72 yuan, its lowest close since January 2009. Profit for the first six months may have fallen as much as 80 percent from a year earlier, ZTE said in a statement on July 13 after the market closed.
--Zhang Shidong. Editor: Richard Frost
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