China Stocks: Anhui Conch, Jiangling Motors, Liaoning SG Auto
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 49.54 points, or 2 percent, to 2,478.74, the lowest close since July 19, 2010. The CSI 300 Index (SHSZ300) declined 2.1 percent to 2,743.82.
Cement stocks: Anhui Conch Cement Co. (600585 CH), China’s biggest cement maker, slumped the 10 percent daily limit to 19.72 yuan, the lowest close since Jan. 27. Huaxin Cement Co. (600801 CH), the Chinese affiliate of Holcim Ltd., plunged the maximum 10 percent to 20.50 yuan, the steepest drop since November 2008.
“Cement prices remain flat in the peak season instead of going up, which raises concerns about demand,” Zhu Jixiang, a cement-company analyst at Capital Securities Corp. in Shanghai, said in a telephone interview today. “Construction of railways and new housing hasn’t met market expectations. All these negative factors are taking their toll on cement shares today.”
Jiangling Motors Corp. (000550 CH), the Chinese commercial vehicle partner with Ford Motor Co., lost 1.5 percent to 21.83 yuan, the lowest close since July 27, 2010. The company said it sold 14,497 vehicles in August, from 15,572 units the same period a year earlier.
Lanzhou Haimo Technologies Co. (300084 CH) slumped 9.8 percent to 12.23 yuan, the lowest close since its listing in May last year. Shanghai Tianyan Investment Management Co., the company’s third-biggest shareholder, sold a combined two million shares in Haimo on Aug. 31 and Sept. 1, Haimo said in a statement yesterday.
Liaoning SG Automotive Group Co. (600303 CH) jumped the 10 percent daily limit to 7.62 yuan. China’s State Council, or cabinet, is considering a development plan for new-energy vehicles, Su Bo, vice minister of the Ministry of Industry and Information Technology, said in Tianjin at the weekend.
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