China Stocks Movers: Gansu Yasheng, Heilongjiang, China Vanke
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses and prices are as of the 3 p.m. close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, dropped 24.90, or 0.9 percent, to 2,774.07. The CSI 300 Index slipped 1.2 percent to 3,040.95.
Agricultural producers: Gansu Yasheng Industrial (Group) Co. (600108 CH) surged 9.8 percent to 7.09 yuan. Heilongjiang Agriculture Co. (600598 CH) jumped 8.3 percent to 14.70 yuan, the biggest gain since Oct. 11.
A drought in China’s main wheat-growing regions may worsen “rapidly” as the weather gets warmer and “severely” threatens grain output, the Ministry of Agriculture said in a statement on its website on Feb. 4. Wheat on China’s Zhengzhou Commodity Exchange jumped as much as 6.5 percent to 3,048 yuan a metric ton, the highest ever price.
Banks and developers: Agricultural Bank of China Ltd. (601288 CH) lost 0.8 percent to 2.60 yuan. China Vanke Co. (000002 CH), the nation’s largest developer, declined 2 percent to 8.02 yuan.
The People’s Bank of China yesterday raised the one-year lending rate by a quarter point to 6.06 percent and the one-year deposit rate an equivalent amount to 3 percent.
Hunan Corun New Energy Co. (600478 CH), a continuous nickel foam producer, rose 3.4 percent to 24.35 yuan, the highest close since its listing in September 2003. The company will acquire a battery unit from Panasonic Corp. for 40 million yuan, it said in a statement to the Shanghai Stock Exchange.
--Irene Shen. Editor: Richard Frost, Reinie Booysen
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