China Stocks: Gemdale, ICBC, SAIC, TCL, Wuliangye Yibin
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. close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, rose 0.1 percent to 2,705.14. The CSI 300 Index (SHSZ300) gained 0.3 percent to 2,961.93.
Automakers: SAIC Motor Corp. (600104 CH), China’s largest car maker, declined 1.7 percent to 17.07 yuan. China’s passenger-car sales fell for the first time in more than two years in May, the China Association of Automobile Manufacturers said yesterday.
Banks: Industrial and Commercial Bank of China Ltd. (601398 CH), the world’s largest bank by market value, rose 1.1 percent to 4.42 yuan, its biggest gain since May 30. Bank of Communications Co. (601328 CH) added 1.3 percent to 5.62 yuan. The China Banking Regulatory Commission is drafting and revising rules on the management of banks’ capital adequacy ratio, the commission said in a phone text message yesterday. The rules aren’t expected to have a “big” impact on banks, it said.
Gemdale Corp. (600383) (600383 CH) advanced 2.3 percent to 5.86 yuan. The developer said its May sales more than tripled from a year earlier to 2.1 billion yuan ($324 million).
Poly Real Estate Group (600048 CH), China’s second-biggest developer by market value, climbed 3.4 percent to 9.62 yuan. The company said its contracted sales in May more than doubled from a year earlier to 7.4 billion yuan.
TCL Corp. (000100) (000100 CH) dropped 4.4 percent to 3.03 yuan, the biggest loss since May 27. The company denied in a statement to the Shenzhen exchange media reports that it will invest 3 billion yuan in the eastern Chinese province of Shandong.
Wuliangye Yibin Co. (000858 CH) jumped 3.4 percent to 34.65 yuan, the biggest increase since Feb. 10. The target price for the company was raised to 42 yuan from 40.88 yuan, BOC International analyst Liu Du wrote in a report today, citing a higher earnings forecast. The rating on the company was unchanged at “buy.”
--Irene Shen, Bonnie Cao. Editor: Matthew Oakley
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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