Aug. 29 (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. local time close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, slid 1.4 percent, to 2,576.41. The CSI 300 Index fell 1.7 percent to 2,852.82.
Banks: Industrial Bank Co. (601166 CH), partly owned by a unit of HSBC Holdings Plc, fell 4 percent to 13.14 yuan. Huaxia Bank Co. (600015 CH), partly owned by Deutsche Bank AG, declined 4.5 percent to 10.73 yuan. China Citic Bank Corp. (601998 CH) lost 3.7 percent to 4.46 yuan.
Reserve requirements are being extended to the margin deposits commercial banks collect from customers, a move that may drain 900 billion yuan ($140 billion) from the banking system over six months, Bank of America Merrill Lynch economist Lu Ting said in an e-mailed note on Aug. 26.
Developers: China Vanke Co. (000002 CH), the nation’s biggest developer, slipped 2.5 percent to 8.17 yuan. Poly Real Estate Group Co. (600048 CH) slid 3.5 percent to 10.92 yuan.
Home purchase limits have expanded to other cities including Taizhou in eastern Zhejiang province, the China Securities Journal reported. The measures will take effect on Sept. 1, according to the newspaper. More second- and third-tier cities will likely introduce similar limits, the newspaper said.
Guangxi Liugong Machinery Co. (000528 CH) slumped 3.9 percent to 19 yuan, the most since July 25. Citic Securities Co. cut the company’s earnings forecast on lower-than-expected gross profit margins.
Kangmei Pharmaceutical Co. (600518 CH), China’s third-biggest drugmaker by market value, gained for a fifth day, rising 1.7 percent to 15.98 yuan. Shenyin & Wanguo Securities Co. analyst Ray Lou raised the company’s stock rating to “buy” from “outperform.”
Konka Group Co. (000016 CH) declined 1.1 percent to 3.71 yuan, the most since Aug. 19. The television maker swung to a first-half net loss of 195 million yuan from net income of 51 million yuan in the same period last year.
Sinovel Wind Group Co. (601558 CH), China’s largest wind-turbine maker, dropped 3.8 percent to 26.70 yuan, the steepest loss since May 23. The company’s profit declined 48 percent for the first half as turbine prices decreased. Net income was 658 million yuan ($103 million), compared with 1.27 billion yuan a year earlier.
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