China Stocks: Agricultural Bank, BYD Co., Shandong Gold, Zijin
Shares of the following companies has unusual moves in China trading. Stock symbols are in parentheses and prices are as of the 1:22 p.m. local time.
The Shanghai Composite Index rose 37 points, or 1.4 percent, to 2,792.51. The CSI 300 Index gained 1.6 percent to 3,105.57.
Gold producers: Zhongjin Gold Co. (600489 CH), China’s largest publicly traded gold miner by market value, surged 4.4 percent to 29.04 yuan, the most since April 20. Shandong Gold Mining Co. (600547 CH), gained 4 percent to 49.65 yuan. Zijin Mining Group Co. (601899 CH), the country’s largest gold producer, increased 5 percent to 5.48 yuan.
Spot gold jumped to an all-time high in Shanghai as investors sought to protect their wealth on concern the escalating debt crisis in Europe may trigger a global slowdown.
Agricultural Bank of China Ltd. (601288) (601288 CH), the nation’s third-largest lender, rose 1.5 percent to 2.70 yuan, the largest gain since June 24. The company’s first-half profit climbed more than 45 percent from a year earlier on “significant growth” in interest and fee income, according to a company statement to the Hong Kong Stock Exchange.
BYD Co. (002594 CH), the Chinese automaker part-owned by Warren Buffett’s Berkshire Hathaway Inc., fell 1.8 percent to 30.94 yuan after saying its first-half profit may tumble as much as 95 percent.
Fujian Septwolves Industry Inc. (002029 CH), an apparel maker, advanced 2 percent to 35.30 yuan, the highest since Dec. 17. The company said net income may have risen between 35 percent and 45 percent in the first half of the year as sales increased, it controlled expenses and made fewer provisions.
Jiangxi Copper Co. (600362 CH), the nation’s biggest producer of the metal, rose 3.5 percent to 36.10 yuan, the most in a week. The company’s first-half net income likely gained by more than 50 percent from a year earlier on higher output and sale prices, according to a Shanghai Stock Exchange filing today.
--Penny Peng. Editors: Allen Wan
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