China Stocks: FAW, Yanzhou Coal, PetroChina, Shanghai AJ
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. local time close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 26.58 points, or 1 percent, to 2,709.95. The CSI 300 Index (SHSZ300) slumped 0.5 percent to 2,963.31.
Automakers: FAW Car Co. (000800 CH) slid 1.8 percent to 12.61 yuan, its lowest close since April 13, 2009. Beiqi Foton Motor Co. (600166 CH) sank 2.7 percent to 8.62 yuan, the lowest since July 8, 2010.
China’s auto sales may fall 10 percent in 2011 with the end of government stimulus policies and restrictions on car licenses, the China Automotive Technology & Research Center said yesterday. China’s domestic automakers will be hurt more by the slowdown given their products are aimed more at the mid- to low- end market segments, it said.
Coal producers: Yanzhou Coal Mining Co. (600188 CH) added 1.7 percent to 32.49 yuan, the biggest gain since May 17. Pingdingshan Tianan Coal Mining Co. (601666 CH) advanced 0.9 percent to 18.05 yuan. China’s coal stockpiles fell 6.9 percent at the end of April from the beginning of the year, the China National Coal Association said today.
PetroChina Co. Ltd. (601857 CH), the nation’s largest oil producer, climbed for a third day, rising 0.8 percent to 10.97 yuan. The company said parent China National Petroleum Corp. bought 31.1 million yuan-denominated shares, equal to a 0.017 percent stake, in the company on May 25, according to a statement to the Hong Kong Stock Exchange yesterday. CNPC owned about 86.3 percent of PetroChina after the purchase, according to the statement.
Shanghai AJ Corp. (600643) (600643 CH) plunged 7.6 percent to 9.88 yuan after resuming trade, the biggest decline since Nov. 12. The company cancelled a plan to acquire two developers, according to a statement to the Shanghai Stock Exchange today. The stock had been suspended from trading since May 2.
Wuhan Kaidi Electric Power Co. (000939 CH) plunged by the daily limit of 10 percent to 19.53 yuan, its biggest loss since Dec. 28. Kaidi announced a plan by its parent to cut its stake in the company by at least 5 percent in a statement to Shenzhen’s stock exchange yesterday.
--Irene Shen, Dingmin Zhang. Editor: Allen Wan
To contact Bloomberg News staff for this story: Irene Shen in Shanghai at +86-21-6104-3049 or Ishen4@bloomberg.net
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