China Stocks: China State Construction, Jiangxi Cement, Poly
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses and prices are as of 3 p.m. local time close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, rose 0.9 percent, to 2,549.18. The CSI 300 Index (SHSZ300) gained 0.9 percent to 2,824.12.
China State Construction Engineering Corp. (601668 CH), the nation’s largest housing contractor, added 1.7 percent to 3.53 yuan, the highest in the week. The company’s sales in the first seven months of the year rose 79 percent from a year earlier to 56.6 billion yuan ($8.8 billion) as it won construction contracts worth a combined 482.1 billion yuan, 51 percent more than a year earlier.
Jiangxi Wannianqing Cement Co. (000789 CH), a cement maker in Jiangxi, increased 1.9 percent to 18.19 yuan. The company said first-half net income was 297 million yuan, compared with a loss of 29 million yuan a year earlier, according to a statement to to Shenzhen Stock Exchange.
Pangang Group Steel Vanadium & Titanium Co. (000629 CH) rose 2.2 percent to 10.81 yuan, the biggest gain since July 15. The steelmaker said its board has approved the unit of Angang Holding Group Co. to raise its investment in Australia’s Karara mining project by A$300 million, according to a statement to Shanghai Stock Exchange.
Poly Real Estate Group Co. (600048 CH), China’s second- largest developer by market value, gained 1.4 percent to 11 yuan, the highest since July 20. The company said contracted sales in July rose 38 percent from a year earlier to 5.1 billion yuan, according to its statement to Shanghai Stock Exchange.
Xi’an Shaangu Power Co. (601369 CH), a turbo-machinery service provider, surged by 9.8 percent to 12.61 yuan, headed for the biggest gain since April 29. The company’s income jumped 53 percent to 447 million yuan for the first half from a year earlier, according to a statement to Shanghai Stock Exchange.
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