May 29 (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, rose 28.27 points, or 1.2 percent, to 2,389.64. The CSI 300 Index gained 1.4 percent to 2,650.85.
Automakers: Great Wall Motor Co. (601633 CH), China’s biggest pickup truck maker, advanced 6.4 percent to 17.37 yuan. Anhui Jianghuai Automobile Co. (600418 CH), a unit of China’s biggest light-truck exporter, gained 4.1 percent to 6.66 yuan. Chongqing Changan Automobile Co. (000625 CH), the Chinese partner of Ford Motor Co. and Mazda Motor Corp., climbed 1.9 percent to 5.48 yuan.
China’s cabinet agreed to revive financial incentives for consumers to trade in their passenger cars to help increase demand in the world’s biggest vehicle market, a government official said yesterday. The State Council approved a cash-for-clunkers plan last week and relevant ministries are working on details, said the official, who asked not to be identified because the matter hasn’t been made public.
Household appliance makers: Hisense Electric Co. (600060 CH), China’s biggest manufacturer of flat-panel televisions, surged 5.9 percent to 18.88 yuan, its highest close since April 20. Qingdao Haier Co. (600690 CH), the nation’s largest refrigerator maker, climbed 2.6 percent to 12.19 yuan.
China will subsidize use of energy-saving products, including flat-panel televisions and air-conditioners, the Ministry of Finance said in a statement on its website yesterday.
Pang Da Automobile Trade Co. (601258 CH), China’s biggest listed auto dealer, jumped 9.9 percent to 7.63 yuan, the most since Feb. 29. The company said it will form a joint venture to sell Mercedes-Benz cars in China.
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