China Stocks: China Cosco, CNR, Jiangxi Copper, Taisheng Wind
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of 3 p.m. close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, dropped 3.07 points, or 0.1 percent, to 2,612.19. The CSI 300 Index (SHSZ300) declined 0.1 percent to 2,901.22.
China CNR Corp. (601299 CH), the country’s second-biggest trainmaker, rose 1.3 percent to 4.80 yuan after first-half net income jumped 145 percent from a year earlier to 1.6 billion yuan ($250.3 million).
China Cosco Holdings Co. (601919 CH), the nation’s largest operator of dry-bulk ships by market value, lost 1.4 percent to 7.13 yuan after it posted a first-half net loss of 2.76 billion yuan. That compares with the median estimate of a 1.5 billion yuan net loss in a Bloomberg News survey of nine analysts.
China Merchants Energy Shipping Co. (601872 CH), the largest operator of international oil tankers, advanced 2.9 percent to 3.57 yuan. The company said it plans to raise 2.89 billion yuan in a private placement of 858 million shares to help finance the purchase of 10 very large crude oil carriers in the next three years. The stock resumed trading today after being suspended since Aug. 15.
Jiangxi Copper Co. (600362 CH), China’s biggest producer of the metal, added 1.2 percent to 33.33 yuan. First-half profit almost doubled to a record 4.31 billion yuan on higher prices and output, the company said in a statement, citing international accounting standards. It expects profit for the first nine months to rise by more than 50 percent, and plans to distribute an interim dividend of 2 yuan for every 10 shares held, it said.
Shanghai Taisheng Wind Power Equipment Co. (300129 CH), a Chinese maker of towers for wind turbines, jumped the 10 percent daily limit to 14.25 yuan, the highest close since July 22. The company said it agreed to make solar production equipment for ProPower Renewable Energy (Shanghai) Co.
Shenzhen Zhongjin Lingnan Nonfemet Co. (000060 CH), China’s third-largest zinc producer, climbed 1.7 percent to 11.96 yuan. Profit for the first nine months may rise by as much as 99.7 percent from the same period a year ago to 800 million yuan, it said in a statement.
--Zhang Shidong. Editor: Allen Wan
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