Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

China Stocks: Agricultural Bank, China Vanke, Shanghai Electric

June 15 (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 24.61 points, or 0.9 percent, to 2,705.43. The CSI 300 Index declined 1 percent to 2,963.12.

Banks: Agricultural Bank of China Ltd. (601288 CH) dropped 0.7 percent to 2.71 yuan. Industrial Bank Co. (601166 CH) lost 2.1 percent to 13.16 yuan.

The People’s Bank of China yesterday ordered banks to set aside more deposits as reserves after consumer prices rose 5.5 percent in May, the biggest gain since 2008. Reserve ratios for the largest banks will rise by a half a percentage point to a record 21.5 percent from June 20, while for smaller banks they will climb to 19.5 percent.

Developers: China Vanke Co. (000002 CH), the nation’s largest developer, slid 1.2 percent to 8.07 yuan. Gemdale Corp. (600383 CH) retreated 1.6 percent to 6.09 yuan.

Standard and Poor’s cut its outlook for developers to “negative” from “stable” because of tightened onshore credit conditions and increasingly restrictive government policies, according to a report from the credit rating company today.

Shanghai Electric Group Co. (601727 CH), China’s largest maker of power equipment, gained 1.5 percent, the most since May 9, to 6.83 yuan after saying it plans to invest 1 billion yuan in an energy venture with Shanghai Municipal Electric Power Co. Shanghai Electric will own 50 percent of the venture, which will manufacture energy-saving and environmental products, it said.

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

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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.