China Stocks: ICBC, China Enterprise, Jinduicheng, Wuhu Conch
Shares of the following companies had unusual price changes in China trading. Stock symbols are in parentheses and prices are as of the 3 p.m. close.
The Shanghai Composite Index rose 0.3 percent to 3,050.53. The CSI 300 Index (SHSZ300) increased 0.2 percent to 3,358.94.
Banks: Industrial and Commercial Bank of China Ltd. (601398 CH), the world’s largest bank by market value, rose 1.5 percent to 4.70 yuan. China Construction Bank Co. (601939 CH), the second-largest lender, gained 1.2 percent to 5.28 yuan.
China’s banks are likely to continue the “momentum” in earnings growth, according to Credit Suisse Group AG. First- quarter profits at “major” Chinese banks are forecast to rise 38 percent from the previous quarter and may increase 18 percent from a year earlier, analysts led by Sanjay Jain wrote in a report today.
Developers: China Enterprise Co. (600675 CH) surged 8.6 percent to 8.80 yuan, the biggest gain since Feb. 11. China Vanke Co. (000002 CH), the nation’s largest developer, advanced 1.1 percent to 8.90 yuan.
China’s home sales value rose 26 percent to 860.7 billion yuan in the first quarter from a year earlier, the National Bureau of Statistics said in a statement today. Property sales value increased 27 percent to 1.02 trillion yuan in the period.
China Baoan Group Co. (000009 CH) climbed 5.6 percent to 20.96 yuan. The company is completing paperwork to acquire two graphite mines with reserves of more than 50 million tons in Jixi City, Heilongjiang Province, it said in a statement to the Shenzhen Stock Exchange today. The plan to develop the mines was reported by China Central Television on April 13, the statement said.
Jinduicheng Molybdenum Co. (601958 CH) slid 1.5 percent to 24.83 yuan, the lowest close since March 21. The company said 2.45 billion of its shares will become tradable on April 19.
Wuhu Conch Profiles and Science Co. (000619 CH) lost 5.6 percent to 10.30 yuan, the lowest close since Feb. 24. The company’s first-quarter net income plunged 80.7 percent from the same period a year ago to 5.67 million yuan, according to a statement to the Shenzhen Stock Exchange.
--Irene Shen, Michael Wei. Editor: Allen Wan
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