Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of the close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, rose 20.20 points, or 0.8 percent, to 2,528.29. The CSI 300 Index gained 0.7 percent to 2,763.75.
Refiners: China Petroleum & Chemical Corp. (600028 CH), Asia’s biggest oil refiner, also known as Sinopec, added 2.6 percent to 7.41 yuan. PetroChina Co. (601857 CH), the nation’s biggest oil company, rose 1.5 percent to 10.11 yuan.
China, which controls fuel prices to curb inflation, permit refiners to make “appropriate” changes, China Securities Journal reported, citing an unidentified person. Huang Wensheng, Sinopec’s Beijing-based spokesman, declined to comment on the report. Mao Zefeng, PetroChina’s Beijing-based spokesman, didn’t answer two calls to his mobile phone. Two phone calls to the news department of China’s economic planner went unanswered.
Companies based in Yunnan province: Sino-Platinum Metals Co. (600459 CH) jumped by the 10 percent daily limit to 21.87 yuan. Yunnan Bowin Technology Industry Co. (600883 CH) advanced 2.8 percent to 11.05 yuan.
China will encourage foreign banks to establish branches in Yunnan as part of plans to boost its economy, according to a statement posted on the central government’s website yesterday. It will also support medium-and large-sized Yunnan-based companies that seek to list and sell bonds in overseas markets, according to the statement.
Guangzhou Zhiguang Electric Co. (002169 CH), a manufacturer of electric equipment, lost 1.2 percent to 9.41 yuan, its biggest drop since Oct. 21. About 16.8 million shares will become tradable on Nov. 7, Zhiguang said in a statement yesterday.
Guilin Layn Natural Ingredients Corp. (002166 CH) gained 3.8 percent to 18.48 yuan, the highest close since Sept. 8. The company and its California-based subsidiary signed an agreement with the Heal Nutrition Business unit of Cargill Inc. to supply stevia worth least $5 million in 2012, Guilin Layn said in a statement yesterday. The stevia plant is used commonly as a sweetener.