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China Stocks: Chalco, Construction Bank, ICBC, Jiangxi Copper

Nov. 26 (Bloomberg) -- The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 26.56, or 0.9 percent, to 2,871.70 at 3 p.m. close. The CSI 300 Index sank 0.9 percent to 3,194.85.

Banks: Industrial & Commercial Bank of China Ltd. (601398 CH), the nation’s largest lender, fell 1.6 percent to 4.32 yuan, its lowest close since Oct. 29. The China Securities Regulatory Commission approved the lender’s rights offer of 11.26 billion A shares at 2.99 yuan each, and the new stock will start trading Nov. 30.

China Construction Bank Corp. (601939 CH), the second biggest, dropped 1.5 percent to 4.68 yuan. Bank of Communications Co. (601328 CH) declined 1.6 percent to 5.67 yuan.

China will probably cut the target for new loans close to 7 trillion yuan ($1.05 trillion) next year from this year’s 7.5 trillion yuan, Shanghai Securities News said, citing an unidentified person.

Commodity producers: Jiangxi Copper Co. (600362 CH), the top producer of the metal, fell 2.7 percent to 34.98 yuan. Aluminum Corp. of China (601600 CH), the listed unit of China’s biggest maker of the lightweight metal, dropped 1.4 percent to 10.36 yuan.

The Shanghai Futures Exchange will increase the proportion of cash that traders must deposit with brokerages on copper, aluminum, steel wire, gold and fuel oil transactions to 10 percent of the total value after the market closes on Nov. 29, and raise the limit on daily changes in prices to 6 percent starting on Nov. 30, the bourse said in a statement.

Jiangsu Changbao SteelTube Co. (002478 CH) jumped 4.1 percent to 19 yuan, the highest since it listed in September. The stock was rated “buy” in new coverage by Citic Securities Co. analysts led by Xie Congjun, who said in a note today the company’s steel tubes for nuclear power will add to revenue growth.

Jiangsu Wuzhong Industrial Co. (600200 CH), a Suzhou-based medicine maker, rose by the 10 percent daily limit to 6.69 yuan after saying it will get 12 million yuan in government funding for a patent medicine.

Ningxia Yinxing Energy Co. (000862 CH), which makes environmental protection equipment, jumped 7.5 percent to 15.90 yuan, the biggest advance since Sept. 15. The company said it plans to set up a joint venture to produce gearboxes for wind turbines.

To contact Bloomberg News staff for this story: Zhang Shidong in Shanghai at szhang5@bloomberg.net; Irene Shen in Shanghai at ishen4@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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