China Stocks: Baosteel, Sichuan Hongda, Wuliangye Yibin
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses and prices are as of 1:36 p.m. local time.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 0.2 percent to 2,561.76. The CSI 300 Index (SHSZ300) was little changed at 2,842.54.
Agriculture companies: Wanxiang Doneed Co. (600371 CH), a seed company, jumped by the 10 percent daily limit to 13.28 yuan, the most since Feb. 10. Heilongjiang Agriculture Co. (600598 CH) gained 3 percent to 12.98 yuan.
China will increase funds used for agriculture and irrigation by 29 percent, or 636 million yuan, in 2012 from this year, according to a statement on the Ministry of Finance website today.
Baoshan Iron & Steel Co. (600019 CH), the listed unit of China’s second-biggest steelmaker, slid 1.5 percent to 5.25 yuan. The company’s first-half net income fell 37 percent from a year earlier to 5.1 billion yuan ($799 million), lagging the average 6.06 billion yuan profit estimate of five analysts surveyed by Bloomberg News.
Sichuan Hongda Chemical Co. (600331 CH) jumped 2.7 percent to 12.99 yuan, the most since Aug. 25. The company posted net income of 360 million yuan in the first six months, compared with a net loss of 323 million yuan a year earlier, according to a statement to the Shanghai Stock Exchange.
Wuliangye Yibin Co. (000858 CH), China’s second-largest distiller by market value, advanced 2.4 percent to 40.34 yuan, the highest since Nov. 29. The company will increase prices for Wuliangye-brand products by 20 percent to 30 percent starting Sept. 10.
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