Bank of Communications, Cosco, Jinduicheng: China Equity 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.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, dropped 14.06, or 0.5 percent, to 2,838.59. The CSI 300 Index fell 0.4 percent to 3,175.66.
Developers: China should start a trial for property taxes as soon as possible, the People’s Daily reported today, citing Qin Hong, deputy research head of the Ministry of Housing and Urban-Rural Development. Cities facing pressure from increasing property prices should continue limits on home purchases this year, the report said, citing Qin.
China Vanke Co. (000002 CH), the nation’s biggest developer, added 0.3 percent to 8.83 yuan. Poly Real Estate Group Co. (600048 CH) gained 0.4 percent to 14.01 yuan.
Banks: Chinese regulators may review lending by the nation’s banks on a monthly or even weekly basis this year to ensure loans are extended in a “balanced” way, the Securities Times reported today, without citing anyone.
Industrial and Commercial Bank of China Ltd. (601398 CH) lost 1.2 percent to 4.19 yuan. Bank of Communications Co. (601328 CH) rose 1.4 percent to 5.62 yuan.
China CAMC Engineering Co. (002051 CH): The state-owned contractor said net income fell 8.5 percent from a year ago to 360.3 million yuan ($54.4 million). The stock rose 3.7 percent to 40.37 yuan.
China Cosco Holdings Co. (601919 CH): China’s biggest shipping line expects to post a net profit for 2010, from a loss in 2009, as demand for shipping increased. The stock rose 1.7 percent to 9.76 yuan.
GD Midea Holding Co. (000527 CH): It said 2010 net income may have risen by 50 to 100 percent from a year ago to between 2.8 billion yuan and 3.8 billion yuan. The stock fell 1.2 percent to 17.25 yuan.
Henan Zhongfu Industry Co. (600595 CH): The aluminum producer plans to raise 2.6 billion yuan in a rights offer on Jan. 10. The stock fell 2.2 percent to 13.68 yuan.
Jinduicheng Molybdenum Co. (601958 CH): Asia’s largest producer of the metal said 2010 net income may have risen more than 50 percent because of higher metal prices. The stock fell 2.9 percent to 24.90 yuan.
--Zhang Shidong, Xiao Yu. Editor: Glenn J. Kalinoski, Richard Frost
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