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 44.48 points, or 2 percent, to 2,312.56. The CSI 300 Index gained 2.4 percent to 2,486.24.
Agricultural stocks: Xinjiang Talimu Agriculture Development Co. (600359 CH) surged by the maximum 10 percent to 8.22 yuan. Hunan Dakang Pasture Farming Co. (002505 CH) jumped 10 percent to 12.03 yuan. Dalian Zhangzidao Fishery Group Co. (002069 CH), a sea-farming company, added 2.4 percent to 23.21 yuan.
China will expand the fiscal budget for agriculture this year, direct more fixed-asset investment to the sector and offer more subsidies for major grain-producing areas, as part of efforts to stabilize grain production, the Xinhua News Agency reported yesterday, citing a document by the Central Committee of the Communist Party of China and the State Council.
Banking stocks: Industrial & Commercial Bank of China Ltd. (601398 CH), the nation’s biggest listed lender, climbed 2.3 percent to 4.38 yuan. China Construction Bank Corp. (601939 CH), the second largest, added 2.3 percent to 4.85 yuan. Bank of Communications Ltd. (601328 CH), part-owned by HSBC Holdings Plc, rose 3.1 percent to 4.93 yuan.
Central Huijin Investment Co., which holds stakes in China’s largest banks, may accept lower dividend payout ratios from the lenders to help them replenish capital, the 21st Century Business Herald reported today, citing an unidentified person close to regulators. The proportion of cash dividend payouts may decrease by 5 percentage points from 40 percent of profits now, it said.
FAW Car Co. (000800 CH), which makes passenger cars in China with Volkswagen AG, rose 1.1 percent to 9.07 yuan. The company’s Red Flag sedans may be named the official car for minister-level officials, the China Business News reported today without saying where it got the information. Calls to the office of FAW board secretary Wang Wenquan seeking comment today went unanswered.