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China Stocks: Shandong Denghai Seeds, Sinopec, Zhongjin Gold

Aug. 8 (Bloomberg) -- Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses and prices are as of 3 p.m. close.

The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 99.61 points, or 3.8 percent to 2,526.82. The CSI 300 Index dropped 3.6 percent to 2,793.9.

Gold producers: Zhongjin Gold Co. (600489 CH), China’s largest publicly traded gold miner by market value, gained 5.1 percent to 29.74 yuan. Shandong Gold Mining Co. (600547 CH), rose 6.5 percent to 52.19 yuan, the highest close since April 25. Gold for immediate delivery rose as much as 3.1 percent to a record $1,715.75 an ounce today.

Oil refiners: China Petroleum and Chemical Corp. (600028 CH), the country’s biggest refiner known as Sinopec, fell 4.6 percent to 7.07 yuan, the lowest close since January 2009. PetroChina Co. (601857 CH), the nation’s largest oil producer, dropped 3.1 percent to 9.86 yuan.

China will lower oil product prices if international oil prices continue to fall, Xinhua News Agency reported today. The country has “no conditions” to lower oil product prices for now, citing an unidentified official from the National Development and Reform Commission.

Air China Ltd. (601111 CH), the nation’s biggest international carrier by market value, slid 6 percent to 8.82 yuan, the lowest close since December 2009. The company said it will cancel more than 30 flights to and from the cities of Wenzhou, Taizhou, and Ningbo because of Typhoon Muifa, Xinhua News Agency reported on Aug. 5.

Shandong Denghai Seeds Co. (002041 CH) surged 3.6 percent to 27.77 yuan, the highest level since March 28. The company said it has no significant asset restructuring, stake transfer or share sale plans in the next three months, according to a statement to Shenzhen’s stock exchange.

To contact Bloomberg News staff for this story: Penny Peng in Beijing at ppeng18@bloomberg.net

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

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