June 9 (Bloomberg) -- Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses and prices are as of the 3 p.m. close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 1.7 percent to 2,703.35. The CSI 300 Index dropped 1.9 percent to 2,951.89.
Developers: China Vanke Co. (000002 CH), the nation’s largest developer by market value, lost 2.5 percent to 7.90 yuan. Poly Real Estate Group (600048 CH) slid 2.5 percent to 9.30 yuan. China’s central bank said a media report claiming one of its researchers forecast the cancellation of a maximum home-purchase limit within two years was “factually incorrect,” according to the official Xinhua News Agency.
Logistics companies: YUD Yangtze River Investment Logistics Co. (600119 CH) surged 10 percent to 8.64 yuan, the most since May 25. Sinotrans Air Transportation Development Co. (600270 CH) climbed 2.5 percent to 8.61 yuan. China will cut toll charges and taxes for logistics companies to help develop the industry, Shanghai Securities News reported today, citing a State Council plan. The government will also encourage logistics companies to consolidate, according to the newspaper.
Harbin Pharmaceutical Group Co. (600664 CH) sank 6.6 percent to 15.74 yuan, the biggest decline since Feb. 22. The company said it implemented a government request to cut or halt production at its main plant to reduce emissions of waste water.
Huadian Power International Corp. (600027 CH) declined 2.5 percent to 3.55 yuan, the lowest close since March 25. The company plans to sell as much as 20 billion yuan ($3 billion) of debt, including 10 billion yuan of bonds through a private placement and 10 billion yuan of commercial papers, according to a statement to Shanghai’s stock exchange.
To contact Bloomberg News staff for this story: Irene Shen in Shanghai at Ishen4@bloomberg.net
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