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 17.42 points, or 0.7 percent, to 2,333.55. The CSI 300 Index declined 0.9 percent to 2,573.10.
Banking stocks: China Minsheng Banking Corp. (600016 CH), the nation’s first privately owned bank, lost 1.1 percent to 6.33 yuan. Shanghai Pudong Development Bank Co. (600000 CH) dropped 0.7 percent to 8.79 yuan. Industrial & Commercial Bank of China Ltd. (601398 CH), the nation’s biggest listed lender, slipped 0.2 percent to 4.18 yuan.
China’s biggest banks may fall short of loan targets for the first time in at least seven years as an economic slowdown crimps demand for credit, three bank officials with knowledge of the matter said. A decline in lending in April and May means it’s likely the banks’ total new loans for 2012 will be about 7 trillion yuan ($1.1 trillion), less than the government goal of 8 trillion yuan to 8.5 trillion yuan, said one of the officials.
Railway-related stocks: China Railway Erju Co. (600528 CH) jumped by the 10 percent daily limit to 7.34 yuan. Gem-Year Industrial Co. (601002 CH), a manufacturer of carriage bolts, surged 8 percent to 13.43 yuan. China Railway Group Ltd. (601390 CH) added 1.8 percent to 2.79 yuan.
The State Council may allow the railway ministry to bypass rules that cap the total value of its outstanding bonds at 40 percent of net assets, the China Business News reported today, citing an unidentified person close the ministry.
Sundiro Holding Co. (000571 CH), a manufacturer of motorcycles, tumbled 8.1 percent to 4.87 yuan, its biggest loss since Jan. 5. The China Securities Regulatory Commission is investigating Chairman Zhao Xuhong for suspected violations of the securities law, Sundiro said in a statement.