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 38.39 points, or 1.7 percent, to 2,206.19. The CSI 300 Index declined 2 percent to 2,345.65.
Airlines stocks: Air China Ltd. (601111 CH), the nation’s largest international carrier, dropped 1.7 percent to 6.56 yuan. China Southern Airlines Co. (600029 CH), the nation’s biggest carrier by fleet size, slid 2.5 percent to 4.72 yuan.
Chinese airline earnings may fall this year because of slower growth and a possible increase in competition on domestic routes caused by carriers paring overseas services, Vivian Tao and Alan Wang, analysts at Citigroup Inc., said in a note today. Carriers will also suffer from higher fuel costs, increased wages, and slower yuan appreciation, they said.
SJEC Corp. (601313 CH), an elevator manufacturer, dropped 11 percent from its offer price to 10.99 yuan on its first day of trading.
Wuliangye Yibin Co. (000858 CH), China’s second-biggest maker of white liquor by market value, slumped 5.5 percent to 30.45 yuan, the most since May 17, 2010. Some liquor made by Wuliangye failed tests conducted by the Guangdong Province Administration for Industry & Commerce on the strength of alcohol in the products, the official Xinhua News Agency reported yesterday, citing the administration. It didn’t provide further details.