Oct. 20 (Bloomberg) -- The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, lost 0.9 percent to 2,976.34 at 10:35 a.m. local time. The CSI 300 Index declined 0.8 percent to 3,350.16.
Property developers: The central bank yesterday unexpectedly raised borrowing costs for the first time since 2007, lifting the benchmark one- year lending rate to 5.56 percent from 5.31 percent. The deposit rate was increased to 2.5 percent from 2.25 percent.
China Vanke Co. (000002 CH), the nation’s largest developer by market value, fell 6.1 percent to 8.92 yuan, the biggest decline since April 19. Poly Real Estate Group Co. (600048 CH), the No. 2 developer, dropped 7.8 percent to 13.98 yuan.
Mining companies: Copper dropped as much as 1.1 percent to $8,170 a metric ton on the London Metal Exchange at 8:02 a.m. Singapore time, the lowest level since Oct. 12. China, which raised rates yesterday, is the world’s largest metals user.
Jiangxi Copper Co. (600362 CH), China’s largest by market value, fell 4.5 percent to 41.90 yuan. Yunnan Copper Industry Co. (000878 CH) slid 4.4 percent to 26.21 yuan.
Beiqi Foton Motor Co. (600166 CH), China’s biggest commercial-vehicle maker, gained 3.2 percent to 24.82 yuan. Nine-month net income may have risen more than 125 percent from 698 million yuan in the same period last year, the company said.
China Erzhong Group Deyang Heavy Industries Co. (601268 CH), the equipment supplier to power producers, fell 2.5 percent to 14.75 yuan after saying it may raise capital, without giving additional details.
Daqin Railway Co. (601006 CH), the operator of China’s biggest coal transport network, slid 2 percent to 9.06 yuan after saying it plans to raise as much as 16.5 billion yuan selling as many as 2 billion additional shares.
Huaneng Power International Inc. (600011 CH), a unit of China’s biggest electricity producer, dropped 2.5 percent to 6.62 yuan, after posting a 48 percent decline in third-quarter profit as fuel costs rose.
Tsingtao Brewery Co. (600600 CH), China’s second-biggest brewery by volume, gained 2.6 percent to 37.50 yuan, after third-quarter profit rose 13 percent from a year earlier to 694.8 million yuan.
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