Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of 3 p.m. close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, rose 29.33, or 1 percent, to 2,948.48. The CSI 300 Index gained 1.3 percent to 3,264.93.
Property stocks: China Vanke Co. (000002 CH), the nation’s biggest listed property developer, gained 2.4 percent to 8.50 yuan after saying it plans to grant executives stock options. Poly Real Estate Group Co. (600048 CH), the second largest, advanced 3.9 percent to 13.29 yuan. China Baoan Group Co. (000009 CH), a developer, jumped 7 percent to 21.30 yuan.
“There’s market speculation that local governments will set a target of limiting housing price gains to between zero percent and the GDP growth rate,” said Wang Weijun, a strategist at Zheshang Securities Co. in Shanghai. “That’s much better than the target of below zero percent anticipated by the market.” Local governments may announce their price control targets next week, Wang said.
China Coal Energy Co. (601898 CH), the nation’s second-largest coal producer, slid 1.4 percent to 11.13 yuan after saying profit was little changed at 7.47 billion yuan last year. That compares with a mean estimate of 10.03 billion yuan in a Bloomberg survey of 17 analysts.
China CNR Corp. (601299 CH), the nation’s second-biggest train maker, gained 2.7 percent to 8.12 yuan after the company said it plans to raise as much as 10.7 billion yuan by selling up to 1.5 billion shares in a private placement.
China Oilfield Services Ltd. (601808 CH), the drilling unit of the nation’s largest offshore oil producer, rose 1.3 percent to 23.41 yuan. Profit surged 32 percent to 4.13 billion yuan in 2010 fron the previous year, China Oilfield said. That compares with the 4.04 billion-yuan mean estimate in a Bloomberg survey of 15 analysts.
Datang International Power Generation Co. (601991 CH), the unit of China’s second-biggest electricity producer, climbed 1.9 percent to 6.35 yuan after saying profit rose 76 percent to 2.47 billion yuan in 2010. That compares with a mean estimate of 2.2 billion yuan in a Bloomberg survey of 15 analysts.
GAC Changfeng Motor Co. (600991 CH), an automaker, rose 3 percent to 14.49 yuan as the stock resumed trading today after being suspended for more than five months. Guangzhou Automobile Group Co., which currently owns 29 percent of the company, will buy out the unit for about 5.23 billion yuan ($797 million).
Maanshan Iron & Steel Co. (600808 CH) added 1.1 percent to 3.76 yuan after the steelmaker said net income for 2010 jumped 181 percent from the previous year to 1.1 billion yuan.
Shanghai Datun Energy Resources Co. (600508 CH), a coal producer, advanced 1.4 percent to 28.83 yuan after saying net income for 2010 rose 40 percent in 2010 to 1.33 billion yuan.