China Stocks: Vanke, Construction Bank, Offshore Oil, Huayi
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, lost 23.3, or 0.8 percent to 2,933.80. The CSI 300 Index (SHSZ300) sank 1 percent to 3,247.38.
Banks: Industrial & Commercial Bank of China (601398) Ltd. (601398 CH) declined 1.2 percent to 4.30 yuan. China Construction Bank Corp. (601939) (601939 CH) fell 0.8 percent to 4.90 yuan, the lowest close since March 2.
China will continue to tighten liquidity to control inflation, central bank governor Zhou Xiaochuan said at a briefing in Beijing today.
Developers: China Vanke Co. (000002 CH), the nation’s largest developer, slid 2 percent to 8.33 yuan. Poly Real Estate Group Co. (600048 CH) slipped 1.7 percent to 12.90 yuan. Gemdale Corp. (600383) (600383 CH) fell 2.2 percent to 6.55 yuan.
China’s Ministry of Land and Resources issued a notice to local governments calling on them to curb land price increases, the Shanghai Securities News reported today. The ministry said local governments should not allow auctions of land to generate record prices this year, the newspaper reported, citing the notice.
Oil machinery companies: Offshore Oil Engineering Co. (600583 CH) jumped 1.3 percent to 9.31 yuan. Kingdream Public Ltd. (000852 CH) surged 3.2 percent to 17.12 yuan, the highest close since March 17, 2008.
Chinese refiners increased oil-processing volume to a record last month to meet rising demand from factories and farmers in the world’s fastest-growing major economy, government data showed.
Huayi Brothers Media Corp. (300027) (300027 CH), China’s first publicly traded movie studio, rose 2.6 percent to 29.09 yuan, the highest close since Jan. 4. The company’s 2010 net income rose 77 percent from a year ago to 149 million yuan.
China-Kinwa High Tech Co. (600110 CH), a heat-shrinkable materials maker, rallied 5.1 percent to 8.51 yuan, the highest close since Dec. 22. China-Kinwa said a shareholder raised its stake in the company to 5 percent.
--Irene Shen, Luo Jun. Editor: Richard Frost
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