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, slid 1.1 percent to 2,528.28. The CSI 300 Index dropped 1.1 percent to 2,803.85.
Airlines: Air China Ltd. (601111 CH), the world’s largest carrier by market value, slipped 3.3 percent to 8.72 yuan. China Eastern Airlines Corp. (600115 CH) sank 2.6 percent to 5.21 yuan. China Southern Airlines Co. (600029 CH) dropped 3.7 percent to 7.37 yuan.
Carriers worldwide face a “weaker end to the year” as fuel prices and a decline in business and consumer confidence hurt growth rates, the International Air Transport Association said yesterday. A 0.4 percent decline in freight traffic in July from a year earlier indicates the likely trend, even after passenger demand increased 5.9 percent for the month, the industry group said in a statement.
Developers: Poly Real Estate Group Co. (600048 CH), China’s second-biggest developer by market value, slipped 3.4 percent to 10.66 yuan. Gemdale Corp. (600383 CH) lost 1.3 percent to 6.04 yuan.
Shanghai’s August home transaction volume fell to a six-year low of 576,000 square meters in some areas, Oriental Morning Post reported today, citing China Real Estate Information Corp. The volume declined 25 percent from a month earlier and 18 percent from the same period a year earlier.
Huayi Electric Co. (600290 CH) jumped 3.2 percent to 10.83 yuan, the most since Aug. 15. The company’s unit signed a contract for wind power generators worth of 203 million yuan ($31.8 million), according to a statement to the Shanghai Stock Exchange.
Merro Pharmaceutical Co. (600297 CH) advanced 3.1 percent to 9.30 yuan, the highest since July 28. The company got certification from Australia’s Therapeutic Goods Administration that will allow the company to sell to overseas markets including the European Union countries.
ZTE Corp. (000063 CH) retreated 2.8 percent to 18.75 yuan, the biggest drop since Aug. 11. The company’s Hong Kong-listed stock was downgraded to “underperform” from “market Perform” at Sanford Bernstein by equity analyst Pierre Ferragu.
— With assistance by Michael Wei, and Irene Shen