Agricultural Bank, COFCO, Gemdale, Yunnan Copper: Chinese Equities Preview
The following companies may have unusual price changes in China trading. Stock symbols are in parentheses, and share prices are as of the last close.
Banks: China’s central bank unexpectedly and temporarily raised reserve requirements by 50 basis points for six large commercial banks, reining in liquidity as the economy stabilizes and money flows in from abroad, Reuters said, citing four unidentified people.
The current level is 17 percent for the biggest banks and 15 percent for smaller ones. The People’s Bank of China declined to comment.
Agricultural Bank of China Ltd. (601288 CH), the nation’s third-largest bank by market value, rose 1.1 percent to 2.70 yuan. Industrial & Commercial Bank of China Ltd. (601398 CH), the world’s largest lender by market value, added 2.2 percent to 4.20 yuan.
Beijing Capital Development Co. (600376 CH): The company said its nine-month profit gained more than 250 percent to about 1.05 billion yuan ($157.5 million). The stock jumped 3.8 percent to 16.53 yuan.
Chang Jiang Shipping Group Phoenix Co. (000520 CH): The company expects its third-quarter net loss to be about 45 million yuan, compared with 110 million yuan a year earlier. The stock added 0.6 percent to 5.40 yuan.
COFCO Property (Group) Co. (000031 CH): The property unit of the country’s biggest grain trader said it won a land plot in China’s northeastern city of Shenyang with a bid of 3.12 billion yuan. The stock added 2.8 percent to 7.24 yuan.
Gemdale Corp. (600383 CH): The country’s fourth-largest developer by market value said September home sales increased 232 percent to 5.91 billion yuan. The stock rose 3.9 percent to 6.73 yuan.
Guangdong Golden Horse Tourism Group Stock Co. (000602 CH): The company said it expects a net loss of 175 million yuan for the first nine months of this year, widening from a net loss of 15.4 million yuan in the same period a year earlier. The stock gained 6.2 percent to 23.67 yuan.
Yunnan Copper Industry Co. (000878 CH): The Aluminum Corp. of China controlled company forecasts nine-month profit more than doubled to 218.7 million yuan. The stock increased 4.7 percent to 25.68 yuan.
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