Nov. 14 (Bloomberg) -- Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses and price are as of the close in Shanghai.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, added 1.9 percent to 2,528.71. The CSI 300 Index gained 2.1 percent.
Chinese banks: China Construction Bank Corp. (601939 CH) advanced 1.7 percent to 4.86 yuan. Industrial & Commercial Bank of China Ltd. (601398 CH) climbed 1.4 percent to 4.35 yuan.
China’s banks issued 586.8 billion yuan ($92.5 billion) in new loans last month, exceeding September’s 470 billion yuan and all 18 estimates in a Bloomberg survey. Sandra Cai, analyst at Samsung Securities Co., said in a report today only banks with “strong” balance-sheet liquidity and “adequate” capital will benefit from policy fine-tuning because deposit competition is intensifying. She recommended ICBC and China Construction Bank among her top bank picks.
BYD Co. (002594 CH), the carmaker partly owned by Warren Buffett’s Berkshire Hathaway Inc., rose by the limit of 10 percent to 25.63 yuan. New-energy cars will be exempt from the current license plate and traffic restrictions in some major cities, the Xinhua News Agency reported, citing a government statement.
Huaneng Power International Inc. (600011 CH), the nation’s biggest power producer, climbed 1.8 percent to 5.08 yuan. Shanghai Electric Power Co. (600021 CH) rose 1.7 percent to 5.33 yuan. The China Securities Journal said the government may allow power companies to increase prices as inflation eases.
Ping An Insurance (Group) Co. (601318 CH), the second-biggest Chinese insurer, jumped the most since Oct. 24, adding 2.9 percent to 39.95 yuan. The company posted gross premium income of 101.7 billion yuan for the 10 months ended October.
-- Editor: Matthew Oakley
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