Dec. 28 (Bloomberg) -- The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, dropped 1.7 percent to 2,732.99 at the 3 p.m. close. The CSI 300 Index fell 1.8 percent to 3,044.93.
Coal Producers: China Shenhua Energy Co. (601088 CH), the nation’s biggest coal producer, dropped 3.6 percent to 24.16 yuan, the biggest loss since Nov. 16. Yanzhou Coal Mining Co. (600188 CH) fell 3 percent to 27.26 yuan.
Coal with an energy value of 5,500 kilocalories per kilogram slipped 0.6 percent from a week earlier to between 780 yuan ($118) and 790 yuan a metric ton yesterday, according to data from the China Coal Transport and Distribution Association. That’s the lowest since Nov. 8.
Property developers: China Vanke Co. (000002 CH), the nation’s biggest listed property developer, lost 4.8 percent to 8.33 yuan, the biggest decline since Nov. 12. Poly Real Estate Group Co. (600048 CH), the second largest, slid 6.2 percent to 12.91 yuan.
Central bank adviser Li Daokui said in an interview more adjustments in China’s deposit rate, lending rate, and reserve requirement ratio are “very necessary” in 2011, especially in the first half, the 21st Century Business Herald reported.
Guangzhou Baiyun International Airport Co. (600004 CH) dropped 2.9 percent to 8.28 yuan, the lowest close since March 13, 2009. Its parent sold a 1.45 percent stake in the company on Dec. 24, according to a statement to Shanghai’s stock exchange. Guangdong Airport Management Co.’s stake in the company was reduced to 63.33 percent from 64.78 percent.
Yueyang Paper Co. (600963 CH), a paper products maker in Hunan Province, plunged 10 percent to 9.74 yuan, the biggest loss since May 17. The company completed a share rights offer of 1.47 billion yuan ($222 million).
Dalian Thermal Power Co. (600719 CH), an electric station operator, surged by 10 percent daily limit to 10.01 yuan after saying the company’s asset transfer plan is pending government approval. The company’s largest shareholder Dalian State-owned Asset Management Commission plans to transfer a 39.2 percent stake to Dalian Thermal, it said in a statement to Shanghai Stock Exchange yesterday.
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