June 26 (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 0.1 percent to 2,222.07. The gauge declined for a fifth day, the longest losing streak since December. The CSI 300 Index declined 0.1 percent to 2,454.92.
Heilongjiang Interchina Water Co. (600187 CH), which operates a water supply and sewage business, dropped 5.9 percent to 8.91 yuan. The company will issue up to 160 million shares for at least 8.03 yuan each, according to a Shanghai exchange filing yesterday.
Other water companies declined. Qianjiang Water Resources Development Co. (600283 CH) slumped 6.9 percent to 9.90 yuan. Chongqing Three Gorges Water Conservancy & Electric Power Co. (600116 CH) slid 4.7 percent to 12.66 yuan.
Inner Mongolia Baotou Steel Rare Earth Hi-Tech Co. (600111 CH), China’s biggest producer of rare earth, retreated 2.6 percent to 41.58 yuan, the lowest close since May 3. Rare earth stocks are falling because gains have been excessive this year, said Zhang Zhipeng, an analyst at AJ Securities Co., in a phone interview in Shanghai. The stock has surged 121 percent in 2012 and trades at 26.6 times estimated profit, compared with the Shanghai Composite’s 9.7 multiple.
Navinfo Co. (002405 CH), a maker of electronic navigation products, decreased 5.5 percent to 12.80 yuan, a record low. A gauge of technology companies in the CSI 300 Index sank 0.8 percent, the most among 10 industry groups. Technology stocks’ valuations are too high, said Hu Jiaming, an analyst at Capital Securities Corp. in Shanghai. The industry index trades at a multiple of 18.2 times estimated profit, compared with the CSI 300’s 10.4 times. Hu expects consumer electronics stocks to continue to falter in the second half on weaker European demand.
Ningxia Yinxing Energy Co. (000862 CH) gained 3.9 percent to 7.21 yuan, snapping four days of losses. The company said it plans to develop wind and solar farms.
SAIC Motor Corp. (600104 CH), China’s largest carmaker, retreated 0.8 percent to 14.10 yuan, the lowest close since March 28. An official with the nation’s economic planning body said the government has no imminent plans to introduce more stimulus policies to revive vehicle demand.
Yanzhou Coal Mining Co. (600188 CH), the nation’s fourth largest producer, plunged 5.4 percent to 19.61 yuan, the lowest close since Sep. 30, 2010. Benchmark power-station coal prices at Qinhuangdao declined the most in more than three years.
-- Editor: Darren Boey
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