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 7.08 points, or 0.3 percent, to 2,344.77. The CSI 300 Index declined 0.4 percent to 2,522.11.
Banking stocks: Shanghai Pudong Development Bank Co. (600000 CH), the Chinese partner of Citigroup Inc., slid 0.9 percent to 9.19 yuan. China Citic Bank Corp. (601998 CH), the banking unit of the nation’s largest investment company, fell 1.4 percent to 4.40 yuan.
The government is unlikely to significantly loosen credit this year if the economy faces difficulties, Wu Xiaoling, former deputy governor of the central bank, said at a forum in Beijing yesterday.
Light-emitting diode stocks: Guangzhou Hongli Opto-electronic Co. (300219 CH) jumped 2.8 percent to 16.08 yuan, its highest close this year. Dongguan Kingsun Optoelectronic Co. (002638 CH) gained 3 percent to 27.75 yuan.
China’s LED industry was rated ‘Overweight’ in its initial coverage at Citic Securities Co. LED makers’ profits may “bottom out” in the first quarter and rise in the second quarter as a ban on fluorescent lights overseas this year will be an important opportunity for them, Citic Securities said in a report today.
Zhejiang Conba Pharmaceutical Co. (600572 CH) jumped 7.2 percent to 8.79 yuan, the biggest gain since May 31. The company received government approval for the technology used in producing a brand of ginkgo leaf capsules, according to a statement to Shanghai’s stock exchange. The company will also receive a 1.96 million yuan ($311,000) subsidy for the project from the government, the statement showed.