Chinese Stocks in the U.S.: China Housing, Unicom, PetroChina
The Bank of New York Mellon China ADR Index, which tracks American depositary receipts, rose the most in more than a year, advancing 4.9 percent to 394.89. The American Stock Exchange China Index increased 4.9 percent to 231.89. The Shanghai Composite Index climbed 1.3 percent to 2,581.51, its second day of gains.
The following companies were among the most active Chinese shares in New York trading. Stock symbols are in parentheses and prices are as of the close of trading at 4 p.m. New York time.
China Housing & Land Development Inc. (CHLN) , which develops residential apartment complexes in Xian, China, surged 47 percent to $1.40. The company announced today that it will report its second-quarter fiscal results before markets open on Aug. 15.
China Unicom (Hong Kong) Ltd. (CHU US), the country’s second-largest mobile-phone carrier by market value, advanced 4.8 percent to $18.49. The company’s board will meet Aug. 24 to approve first-half financial results before publication, it said in a regulatory filing to the Hong Kong Stock Exchange.
Crude oil advanced as declining U.S. jobless claims sent equities higher, adding to optimism that U.S. economy is strengthening. Crude for September delivery rose $2.83 to settle at $85.72 a barrel on the New York Mercantile Exchange, extending a two-day gain to 8.1 percent. Oil is up 9.9 percent from a year earlier.
China Petroleum and Chemical Corp. (SNP US), the country’s biggest refiner, known as Sinopec, rose 4.2 percent to $86.71. The company may reduce gasoline exports to about 30,000 metric tons in the third quarter to help meet domestic demand, commodity researcher C1 Energy said in a statement on its website today, without citing the source of its information.
PetroChina Co. (PTR US) the nation’s biggest oil producer, climbed 3.4 percent to $123.66. PetroChina may export as much as 850,000 tons of gasoline during the third quarter, C1 Energy said, citing an unidentified company official.
Cnooc Ltd. (CEO) , China’s largest offshore energy producer, added 3.3 percent to $188.58. The Chinese yuan today strengthened beyond 6.4 per dollar for the first time in 17 years. Jiang Yongzhi, a spokesman at Cnooc, said via e-mail that the falling dollar may lead to lower oil and gas sales for the company, but it will also decrease the costs of imported equipment and materials and will reduce debt repayment costs, because all of the company’s debts are denominated in the U.S. currency.
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