China Stocks: Anhui Conch, Merchants Securities, Shuanghui, ZTE
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of 3 p.m. close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 58.29 points, or 1.9 percent, to 2,999.04. The CSI 300 Index (SHSZ300) declined 1.9 percent to 3,295.81.
Cement stocks: Anhui Conch Cement Co. (600585 CH), China’s biggest cement maker, dropped 1.6 percent to 38.87 yuan. Gansu Qilianshan Cement Group Co. (600720 CH) lost 3.2 percent to 20.12 yuan. Huaxin Cement Co. (600801 CH), the Chinese affiliate of Holcim Ltd., slid 3.2 percent to 48.80 yuan.
“There’s concern that the current cement prices won’t be sustained after the off-peak season for cement consumption arrives in the summer,” Zhu Jixiang, an analyst at Capital Securities Corp., said in a phone interview today.
China Merchant Securities Co. (600999 CH) slipped 1.9 percent to 19.15 yuan, the most since March 15. The brokerage said net income fell 13.4 percent from a year earlier to 3.23 billion yuan ($494.5 million) last year.
COFCO Tunhe Co. (600737 CH), a producer of ketchup and beverages, dropped 2.1 percent to 11.43 yuan, the lowest since April 6. The company reported a net loss of 55.1 million yuan last year, compared with net income of 268 million yuan in 2009.
Henan Shuanghui Investment & Development Co. (000895 CH), China’s biggest meat processing company,, plunged the 10 percent daily limit to 70.15 yuan as the stock resumed trading after a monthlong suspension. The company yesterday confirmed a China Central Television report that an affiliate bought pigs fed with a banned additive to induce the growth of lean meat.
Jinduicheng Molybdenum Co. (601958 CH), Asia’s largest producer of the metal used to harden steel, lost 5.8 percent to 23.47 yuan after saying net income for the first quarter fell 30 percent from the same period last year to 172.6 million yuan.
Shenzhen Airport Co. (000089) (000089 CH) slid 2.6 percent to 6.04 yuan, the most since Feb 22. The company said first-quarter net income fell 6.4 percent from a year earlier to 173 million yuan.
Youngor Group Co. (600177 CH), a shirts and suits manufacturer, dropped 2.3 percent to 12.26 yuan, the most this month. The company said net income last year fell 18 percent from the year earlier to 2.67 billion yuan.
ZTE Corp. (000063) (000063 CH), the second-biggest phone-equipment maker, dropped 2 percent to 28.39 yuan after the company had the recommendation on its Hong Kong-listed shares cut to “hold” from “buy” at BNP Paribas, which cited the prospect of slower profit growth.
--Zhang Shidong. Editor: Richard Frost
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