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Air China, China Shenhua, PetroChina: Hong Kong Equity Preview

The following companies may have significant price changes in Hong Kong trading. Stock symbols are in parentheses. Share prices are as of the last close unless otherwise noted.

The Hang Seng Index rose 0.7 percent to 20,286.71. The Hang Seng China Enterprises Index, which tracks so-called H shares of Chinese companies, gained 0.3 percent to 11,622.69.

China said on June 19 it will allow a more flexible yuan exchange rate, a week before a Group of 20 Summit, signaling an end to the currency’s two-year-old peg to the dollar.

China’s move to end the yuan’s fixed rate to the dollar is a “bullish catalyst” for the nation’s yuan-denominated and Hong Kong-traded stocks, Morgan Stanley said.

Chinese airlines, banks, consumer, telecommunications, coal and cement stocks may benefit from a “moderate appreciation” in the yuan, Credit Suisse Group AG analysts said.

Commodities Companies: China Shenhua Energy Ltd. (1088 HK), China’s largest coal producer gained 0.5 percent to HK$30.70. China Petroleum & Chemical Corp. (386 HK), also known as Sinopec, advanced 0.2 percent to HK$6.25. PetroChina Ltd. (857 HK), the country’s largest oil producer, rose 0.1 percent to HK$8.82.

Materials Companies: Angang Steel Co. (347HK), the biggest Chinese steelmaker traded in Hong Kong, rose 0.7 percent to HK$10. Maanshan Iron & Steel (323 HK), the No. 2, advanced 0.3 percent to HK$3.53. BBMG Group. (2009 HK), a building materials manufacturer, gained 0.3 percent to HK$7.9. Anhui Conch Cement Ltd. (914 HK), China’s largest cement producer gained 0.4 percent to HK$25.40.

Banks: China Construction Bank Ltd. (939HK), China’s second largest lender by market capitalization, gained 1.3 percent to HK$6.40. Industrial & Commercial Bank of China Ltd. (1398 HK), the No. 1, increased 1.1 percent to HK$5.80. Bank of China Ltd. (3988 HK), the third biggest Chinese bank in market value, rose 0.8 percent to HK$3.95.

Airlines: China’s airlines had 1.23 billion yuan ($180 million) of profit last month, the China Business News reported today, citing the Civil Aviation Administration of China. The industry will also benefit from an appreciation of the yuan, Luo Zhuping, China Eastern Airlines Corp.’s board secretary, said in an interview today. Air China Ltd. (753 HK), a Beijing-based airline that operates both domestic and international flights, dropped 3.3 percent to HK$8.01. China Southern Airlines Ltd. (1055 HK), the country’s second largest , increased 3.8 percent to HK$3.52. China Eastern Airlines (670 HK), gained 0.9 percent to HK$3.50.

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