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, fell 30.43 points, or 1.3 percent, to 2,244.58. The CSI 300 Index declined 1.7 percent to 2,394.33.
Railcar makers: CSR Corp. (601766 CH), the nation’s biggest train maker, lost 1.1 percent to 4.47 yuan. China CNR Corp. (601299 CH), the nation’s second-biggest train maker, slipped 2.5 percent to 4.31 yuan.
The railway ministry’s purchases of locomotives may fall to 80 billion yuan ($13 billion) this year from a planned 126 billion yuan in 2011 and 107 billion yuan of actual buying in 2010, the China Business News reported today, citing an unidentified person close to the ministry.
Solar stocks: EGing Photovoltaic Technology Co. (600537 CH) tumbled 7.7 percent to 18.99 yuan after climbing 3.2 percent yesterday. Shanghai Chaori Solar Energy Science & Technology Co. (002506 CH) lost 3.3 percent to 13.57 yuan after gaining 4.3 percent yesterday.
Any pick-up in demand cannot change over-capacity in the solar industry and companies will be operating in a thin profit margin, Chen Hua and Shi Ran, analysts at China International Capital Corp., wrote in a report today.
Changjiang Securities Co. (000783 CH) dropped 3.3 percent to 7.25 yuan after the brokerage said net income decreased 65 percent last year.
Hisense Electric Co. (600060 CH), China’s biggest manufacturer of flat-panel televisions, jumped by the 10 percent daily limit to 13.49 yuan after it said net income may have more than doubled last year.
Shenyin & Wanguo Securities Co. raised its rating on the stock to “buy” on valuations and lifted Hisense’s earnings per-share forecast for 2012 by 31 percent to 2.11 yuan, Zhou Haichen and Cai Wenjuan, analysts at the brokerage wrote in a report today.