China Stocks: China Construction Bank, Cosco, CAMC Engineering
Banks: Industrial and Commercial Bank of China Ltd. (601398 CH) gained 0.5 percent to 4.21 yuan. China Construction Bank Corp. (601939 CH) rose 0.9 percent to 4.69 yuan.
China’s banking industry may post profit growth of 15 to 20 percent in 2011 after earnings probably grew 30 percent last year, according to the Bank of Communications Ltd. China may cap new lending this year at 7 trillion yuan to 7.5 trillion yuan, with yuan-denominated deposits expanding at 16 percent, the Shanghai-based bank said in research published in the China Securities Journal today.
China CAMC Engineering Co. (002051 CH), the state-owned contractor, lost 2.1 percent to 39.53 yuan, set for the biggest decline since Dec. 24. Its net income fell 8.5 percent from a year ago to 360.3 million yuan ($54.4 million).
China Cosco Holdings Co. (601919 CH), China’s biggest shipping line, rose 0.6 percent to 9.82 yuan, set for the highest close since Dec. 22. The company expects to post a net profit for 2010, compared with a loss in 2009, as demand for shipping increased.
GD Midea Holding Co. (000527 CH) added 2 percent to 17.60 yuan, set for the highest close since Nov. 9. The company 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.
--Irene Shen, Shidong Zhang. Editor: Allen Wan
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