China Stocks: Ping An Insurance, Harbin Churin, Titan Wind
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 2,556.04. The CSI 300 Index (SHSZ300) dropped 0.4 percent to 2,834.53.
Industrial companies: Shantui Construction Machinery Co. (000680 CH) lost 2.3 percent to 14.16 yuan. SAIC Motor Corp. (600104 CH) declined 0.8 percent to 15.32 yuan, the lowest since Aug. 24.
China’s manufacturers are facing increasing difficulties as a factory report showed falling export orders and weak new orders, while credit remains tight and policy tightening measures are unlikely to be reversed, according to Barclays Plc. The Purchasing Managers’ Index was at 50.9, compared with the 29-month low of 50.7 in July, the China Federation of Logistics and Purchasing said in a statement today. The gauge of export orders in the federation’s index contracted for the first time in more than two years, dropping to the lowest since March 2009.
Insurers: Ping An Insurance (Group) Co. (601318 CH) gained 1 percent to 41.13 yuan, the most since Aug. 25. China Pacific Insurance (Group) Co. (601601 CH) climbed 0.9 percent to 20.91 yuan, the most since Aug. 25.
The China Insurance Regulatory Commission is amending rules to allow domestic insurers to invest in derivatives in Hong Kong, Shanghai Securities News reported, without saying where it got the information.
Harbin Churin Group Jointstock Co. (600891 CH) jumped 10 percent to 15.36 yuan, the highest since its listing on March 1996. The Shanghai Stock Exchange ended special treatment on the stock today.
Titan Wind Energy (Suzhou) Co. (002531 CH) added 1.1 percent to 18.59 yuan, the most since Aug. 26. The company plans to build a plant to make towers for wind turbines in India, according to a filing to the Shenzhen stock Exchange today.
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