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 21.93 points, or 0.9 percent, to 2,366.70, the highest close since Dec. 1. The CSI 300 Index gained 1.1 percent to 2,549.61.
Shipping lines: China Cosco Holdings Co. (601919 CH), the world’s largest operator of dry-bulk ships, jumped 3.5 percent to 5.58 yuan, its highest close since Dec. 13. China Shipping Development Co. (600026 CH), a unit of the nation’s second-biggest sea-cargo group, added 3.8 percent to 6.53 yuan. China Shipping Container Lines Co. (601866 CH), the country’s second-largest carrier of sea-cargo boxes, surged 4 percent to 2.89 yuan.
The Baltic Dry Index, a measure of commodity shipping costs, rose for a seventh day yesterday as demand to transport crops from South America helped to reduce the supply of vessels. The gauge climbed 0.7 percent to 734, according to the London-based Baltic Exchange.
“The rebound in shipping stocks could continue should the economies of Europe and the U.S. sustain their recovery and cargo volumes improve from the second half of February,” Du Jianping, an analyst at Bank of China Ltd. in Beijing, wrote in a report.
Pang Da Automobile Trade Co. (601258 CH), China’s biggest listed auto dealer, jumped 10 percent for a third straight day to 8.93 yuan, its highest close since Nov. 29. Chairman Pang Qinghua said yesterday the company is building two new dealerships in southern China’s Yunnan province that will sell imported Volkswagen AG Phaeton cars.
Pingdingshan Tianan Coal Mining Co. (601666 CH), the listed unit of China’s fifth-largest producer of the coal, advanced 2.6 percent to 12.60 yuan. Shenyin & Wanguo Securities Co. raised the rating on the stock to “buy” from “neutral,” Liu Xiaoning, an analyst at the Shanghai-based brokerage, said in a report dated today. The brokerage’s estimated price-earnings ratio for the coal producer this year of 13 times is lower than the industry average of 15 times, according to the report.
ZTE Corp. (000063 CH), China’s second-biggest phone-equipment maker, surged 6 percent to 16.26 yuan, the biggest gain in almost a year. ZTE and Ericsson AB signed an agreement to resolve their dispute and withdraw patent lawsuits against each other, the Chinese company said in a statement yesterday.