Chinese Stock Movers: China Construction Bank, Tianjin FAW Xiali
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses and prices are as of the 3 p.m. close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 0.4 percent to 2,566.60. The CSI 300 Index (SHSZ300) dropped 0.4 percent to 2,841.74.
China Construction Bank Corp. (939) (601939 CH), the nation’s second-biggest bank by market value, advanced 0.9 percent to 4.54 yuan, the most since Aug. 25. Bank of America Corp. agreed to sell about half its stake in the Chinese lender to a group of investors. The companies are also discussing an expansion of strategic ties. The sale removed concern that the shares would be “dumped into the market,” said Danny Yan, a Hong Kong-based portfolio manager at Haitong International Asset Management, which oversees $600 million.
Tianjin FAW Xiali Automobile Co. (000927 CH) slid 1.8 percent to 8.23 yuan. The automaker said first-half net income fell 84 percent from the same period a year ago to 46 million yuan.
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