China Stocks: Anhui Conch, China CSSC, Maanshan Steel, Vanke
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of the 3 p.m. close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, rose 39.33, or 1.4 percent, to 2,942.31, the highest since Nov. 15. The CSI 300 Index (SHSZ300) gained 1.5 percent to 3,270.67.
Anhui Conch Cement Co. (600585 CH), China’s biggest cement maker, rose 3 percent to 35.98 yuan, the highest since February 2008. UBS AG boosted the company’s per-share earnings estimate for this year by 28 percent to 3.08 yuan and for 2012 by 30 percent to 4.18 yuan because of higher cement prices in the eastern region, Mick Mi, an analyst, wrote in a report. The share-price estimate was raised 28 percent to 61.60 yuan at UBS.
Baoshan Iron & Steel Co. (600019 CH), the listed unit of China’s second-biggest steelmaker, added 2 percent to 7.07 yuan after saying it won an anti-dumping case in the U.S. over its imports of drill pipes.
China Life Insurance Co. (601628 CH), the nation’s biggest insurer, rose 1.4 percent to 22.02 yuan. The company expects business this year to be better than in 2010, Chairman Yang Chao said in Beijing yesterday. China Life is in talks with the insurance regulator to obtain permission to invest in affordable housing, Yang said.
China CSSC Holdings Ltd. (600150) (600150 CH), the unit of the nation’s biggest shipbuilder, slid 5 percent to 75.97 yuan, the most since Jan. 25. The company said it will raise up to 4 billion yuan ($609.1 million) from selling A-shares. The shares resumed trading today after suspension starting Feb. 18.
China Vanke Co. (000002 CH), China’s largest property developer, gained 1.8 percent to 8.34 yuan, the most since Feb. 14. Vanke said sales in February rose 142 percent from a year earlier to 6.1 billion yuan, and it sold 549,000 square meters in the month, up 160 percent from a year earlier.
Maanshan Iron and Steel Co. (600019 CH) jumped 7.7 percent to 3.92 yuan, the most since Sept. 7. Shanghai Securities News reported the company will benefit from increasing production of China’s high-speed rail wheels. The wheels sell for 60,000 yuan a ton, compared with 8,000 yuan to 9,000 yuan a ton for ordinary train wheels, Shanghai Securities News reported, without citing anyone.
--Zhang Shidong. Editor: Allen Wan
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