China Stocks: Bright Dairy, Zijin Mining, China CNR, Shenhua
The following companies had unusual price changes in China trading. Stock symbols are in parentheses and share prices are as of the 3 p.m. close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, rose 0.7 percent to 2,932.19. The CSI 300 Index (SHSZ300) gained 0.6 percent to 3,211.13.
Gold producers: Zijin Mining Group Co. (601899 CH), China’s largest gold miner by market value, dropped 2.1 percent to 7.56 yuan, the lowest close since Feb. 17. Zhongjin Gold Co. (600489 CH) plunged 3.3 percent to 36.15 yuan.
Gold dropped for a second day as Osama bin Laden’s death boosted the dollar, reducing the appeal of precious metals as alternative investments. Immediate-delivery gold fell as much as 1.3 percent to $1,525.45 an ounce and traded at $1,540.05 at 10:23 a.m. in Singapore after reaching a record $1,577.57 yesterday.
Train makers: China CNR Corp. (601299 CH) fell 1.7 percent to 6.88 yuan, the lowest close since Dec. 28. CSR Corp. (601766 CH) dropped 0.7 percent to 6.88 yuan, the lowest close since Dec. 2.
The government plans to reduce investments in high-speed railways by more than 200 billion yuan this year, the Economic Observer said on April 30. High-speed rail investments will be reduced to more than 400 billion yuan from a previously planned 700 billion yuan, the newspaper said, citing an unidentified person familiar with the situation.
Bright Dairy & Food Co. (600597 CH), the country’s second- largest listed dairy-product maker, climbed 1.3 percent to 9.61 yuan. The company’s first-quarter net income rose 5.3 percent from the same period last year to 26.8 million yuan, according to a statement to the Shanghai Stock Exchange on April 29.
China Shenhua Energy Co. (601088 CH), a unit of the country’s biggest coal producer, rose 0.5 percent to 29.81 yuan. The company posted a 17 percent increase in first-quarter profit. Its share gains have lagged those of rival Yanzhou Coal Mining Co. and thermal coal prices may “start to fly” from the second quarter because of high demand before the summer, UOB-Kay Hian said in a report.
--Irene Shen, Eva Woo, Huang Zhe. Editor: Allen Wan
To contact Bloomberg News staff for this story: Irene Shen in Shanghai at +86-21-6104-3040 or Ishen4@bloomberg.net
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