July 28 (Bloomberg) -- The following companies may have unusual price changes in China trading. Stock symbols are in parentheses, and share prices are as of the last close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, dropped 13.31, or 0.5 percent, to 2,575.37. The CSI 300 Index fell 0.6 percent to 2,795.72.
Power equipment manufacturers: Morgan Stanley raised their view on the China power equipment industry to “attractive” from “cautious,” citing an industry “re-rating” in the second half of 2010 ahead of a recovery in new orders in 2011.
Shanghai Electric Group Co. (601727 CH), China’s largest maker of power equipment, lost 0.5 percent to 7.33 yuan. Dongfang Electric Corp. (600875 CH), the second biggest, fell 0.1 percent to 23.57 yuan.
Aluminum Corporation of China Ltd. (601600 CH): The nation’s largest maker of the metal said its shares will be suspended from today. The company cited an “important discussion” in a statement to Shanghai’s stock exchange. Trading is expected to resume July 30, it said. The shares rose 0.4 percent to 10.21 yuan.
Beijing Zhongke Sanhuan High-Tech Co. (000970 CH): The company said it may jointly set up a factory with China Minmetals Nonferrous Metals Co. to produce rare-earth materials. The two companies signed a cooperation agreement yesterday and Zhongke will be able to buy rare earth from Minmetals at preferential market prices under the deal, it said. The shares rose 2.2 percent to 13.53 yuan.
China Eastern Airlines Corp. (600115 CH): The nation’s second-largest carrier had its rating raised to “equal-weight” from “underweight” by Morgan Stanley analysts led by Edward Xu, who said the company’s near-term earnings momentum is “extremely strong,” helped by a boost from the World Expo in Shanghai. The shares slipped 0.5 percent to 7.71 yuan.
Chongqing Fuling Electric Power Industrial Co. (600452 CH): The company said first-half profit rose 48 percent from a year earlier to 5.1 million yuan. The stock gained 4.1 percent to 12.25 yuan.
Guangzhou Iron and Steel Co. (600894 CH): The company posted net income of 46.4 million yuan ($6.85 million) for the first half, compared with a net loss of 28.3 million yuan a year earlier, according to a statement to Shanghai’s stock exchange. The shares declined 0.5 percent to 6.18 yuan.
Lingyuan Iron & Steel Co. (600231 CH): The company said it plans to invest as much as 200 million yuan in China Everbright Bank Co.’s initial public offering. The stock dropped 1.9 percent to 6.85 yuan.
Ping An Insurance (Group) Co. (601318 CH): The nation’s second-largest insurer said that trading in the company’s shares will continue to be suspended pending the restructuring involving the integration of a unit and Shenzhen Development Bank Co. The stock dropped 1.5 percent to 46.81 yuan on June 28 before trading was suspended.
Zijin Mining Group Co. (601899 CH): The Chinese producer blamed for the industry’s worst spill in two years said it will limit production at a gold mine in the area where the accident took place. Gold output will be reduced by about one ton this year because of the restriction, it said. The shares fell 0.4 percent to 5.72 yuan on July 23 when it last traded.
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