China Stocks: China State Construction, Heilongjiang, Vanke
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 3.59 points, or 0.1 percent, to 2,706.36. The CSI 300 Index (SHSZ300) dropped 0.3 percent to 2,954.51
Agricultural companies: Heilongjiang Agriculture Co. (600598 CH) rose 2.2 percent to 14.19 yuan, the highest since May 18. Sichuan New Hope Agribusiness Co. (000876 CH) added 1.1 percent to 18.40 yuan.
A drought in China has affected 104 million mu (7 million hectares) of farm land as of May 29, the People’s Daily reported today, citing data from the Office of State Flood Control and Drought Relief Headquarters.
Developers: China Vanke Co. (000002 CH), the nation’s largest developer by market value, lost 1.3 percent to 7.80 yuan, the lowest since July 21. Poly Real Estate Group Co. slid 3.3 percent to 9.51 yuan.
China’s property tax may be expanded nationwide after revising a trial program imposed on the cities of Chongqing and Shanghai, Xinhua News Agency reported yesterday, citing Chongqing Mayor Huang Qifan. Construction of large homes fell, and luxury home sales and prices declined after Chongqing started the trial on Jan. 28, Xinhua cited Huang as saying.
China Shenhua Energy Co. (601088 CH), the listed unit of China’s biggest coal producer, gained 1.7 percent to 27.83 yuan, the biggest increase since May 17. The company said its board of directors approved plans to buy back as much as 10 percent of A shares and 10 percent of H shares depending on market conditions.
China State Construction Engineering Corp. (601668 CH), the nation’s largest heavy construction company by market value, increased 1.1 percent to 3.73 yuan, the biggest rise since May 13. The company won 10 contracts worth a total of 20.9 billion yuan, according to a statement to the Shanghai Stock Exchange.
Kweichow Moutai Co. (600519 CH), China’s biggest producer of baijiu liquor by market value, jumped 4.5 percent to 202.53 yuan, the most since Nov. 24. Citic Securities Co. raised its 2011 earnings-per-share forecast for the company by 9 percent to 8.19 yuan last week, citing expected higher sales volumes and rising prices.
--Irene Shen, William Bi. Editor: Richard Frost
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