Sept. 16 (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, rose 0.1 percent to 2,482.34. The CSI 300 Index increased 0.2 percent to 2,733.99.
Banks: Industrial & Commercial Bank of China Ltd. (601398 CH) rose 0.5 percent to 4.10 yuan. Shenzhen Development Bank Co. (000001 CH) added 2.7 percent to 17 yuan.
The China Banking Regulatory Commission is studying plans that will allow domestic banks to conduct asset securitization to help reduce liquidity pressure, Shanghai Securities News said, citing Yan Qingmin, assistant chairman of CBRC.
Developers: Poly Real Estate Group Co. (600048 CH) lost 1.2 percent to 10.84 yuan. Gemdale Corp. (600383 CH) fell 0.8 percent to 5.92 yuan.
Shanghai’s new-home inventory has reached a record 8.16 million square meters and will take developers more than 15 months to dispose of the entire stock at current sales pace, the Shanghai Daily said, citing the city’s official real estate website and property agents.
Pang Da Automobile Trade Co. (601258 CH) dropped 1.3 percent to 28.41 yuan, the most since Sept. 8. The automaker said it may take a charge against 45 million euros it paid for SAAB Automobile cars. Pang Da also plans to sell as much as 3.8 billion yuan ($595.3 million) of bonds to repay bank loans and finance daily operations, according to statements from the Chinese automaker to Shanghai’s stock exchange.
Southwest Securities Co. (600369 CH) advanced 1.4 percent to 11.30 yuan, the highest since Sept. 7. The company will pay 1.18 billion yuan to buy a 20 percent stake in Yinhua Fund Management Co., according to a statement to the Shanghai Stock Exchange.
Y.U.D. Yangtze River Investment Industry Co. (600119 CH) jumped 2.7 percent to 7.35 yuan, the most since Sept. 2. The company’s third-quarter profit may have increased about 290 percent from a year earlier, according to a statement to the Shanghai Stock Exchange yesterday.
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