March 22 (Bloomberg) -- 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 2.42 points, or 0.1 percent, to 2,375.77. The CSI 300 Index declined 0.2 percent to 2,583.75.
Property stocks: China Vanke Co. (000002 CH), the nation’s biggest listed property developer, rose 0.6 percent to 8.23 yuan. Poly Real Estate Group Co. (600048 CH), China’s second-largest developer by market value, added 1 percent to 10.75 yuan.
Branches of China Everbright Bank Co. and Hang Seng Bank Ltd. in the eastern city of Nanjing are giving a 10 percent discount on interest rates for some first-time home buyers, the National Business Daily reported, citing officials from the banks.
Agricultural Bank of China Ltd. (601288 CH), the nation’s third-biggest lender by market value, added 1.2 percent to 2.65 yuan. The central bank said yesterday it will cut the reserve requirement ratio for AgriBank’s 565 branches by 2 percentage points effective March 25, a move that will free up 23 billion yuan ($3.6 billion).
Sichuan Swellfun Co. (600779 CH), the Chinese liquor maker that’s a partner of Diageo Plc, gained 3.7 percent to 26.05 yuan. Diageo will make a mandatory tender offer for a 60.29 percent stake in the Chinese liquor maker from March 26 to April 24, according to a statement from Swellfun.
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