Dec. 6 (Bloomberg) -- The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, rose 14.75, or 0.5 percent, to 2,857.18 at the 3 p.m. close. The CSI 300 Index gained 0.2 percent to 3,165.57. Stock symbols are in parentheses after company names.
Carmakers: SAIC Motor Corp. (600104 CH), the Chinese partner of General Motors Co., dropped 1.3 percent to 16.38 yuan. FAW Car Co. (000800 CH), which makes passenger cars in China with Volkswagen AG, slid 2.6 percent to 17.85 yuan.
China will end a preferential purchase tax for vehicles with engines no larger than 1.6 liters next year, the China Securities Journal reported, citing an unidentified person at the National Development and Reform Commission.
China CAMC Engineering Co. (002051 CH), an engineering construction company, gained 4.3 percent to 67.46 yuan, a record high since its listing in 2006. The company said it won 7.15 billion yuan ($1.07 billion) of contracts from Venezuelan state firms on Dec. 3 to build infrastructure, plant crops, and supply agricultural machines.
Dalian Port Co. (601880 CH), a port operator, surged 38 percent from its offer price to 5.24 yuan on the first day of trading in Shanghai. The company raised 2.9 billion yuan in its first-time domestic stock sales.
PetroChina Co. (601857 CH), the nation’s biggest oil company, jumped 4.7 percent to 11.77 yuan, the biggest gain since Nov. 11. PetroChina is the top recommendation among Chinese oil stocks because its natural gas business may spur growth and the stock is cheaper than rival Cnooc Ltd., BNP Paribas analyst Bradley Way wrote in a note today. China’s top planning body may encourage PetroChina to supply natural gas to the northeast region by raising prices, it said. PetroChina spokesman Mao Zefeng declined to comment.
To contact Bloomberg News staff for this story: Zhang Shidong in Shanghai at firstname.lastname@example.org
To contact the editor responsible for this story: Darren Boey at email@example.com