China Stocks: SAIC Motor, Shanghai Electric, Shouchuang, Taiji
The Shanghai Composite Index (SHCOMP), which tracks the bigger of China’s stock exchanges, fell 14.55 points, or 0.6 percent, to 2,315.27. The CSI 300 Index declined 0.9 percent to 2,503.46.
Automakers: SAIC Motor Corp. (600104) (600104 CH), China’s largest carmaker, fell 1.2 percent to 13.43 yuan. FAW Car Co. (000800 CH), which makes passenger cars in China with Volkswagen AG, lost 2.8 percent to 7.86 yuan.
Wholesale deliveries of passenger cars, including sport- utility vehicles and minivans, gained 0.3 percent from a year earlier to 1.34 million units last month, the China Association of Automobile Manufacturers said today in a statement. That compares with the 0.5 percent median estimate of five analysts surveyed by Bloomberg and is the slowest pace since May, when sales dropped 0.1 percent to 1.04 million.
HIT Shouchuang Technology Co. (600857) (600857 CH) advanced 6.8 percent to 10.08 yuan, its highest close in a week. Youngor Group Co. and its fully-owned unit bought 1.19 million shares in Shouchuang yesterday, boosting their holdings to 5.07 percent, the company says in statement.
Shanghai Electric Power Co. (600021) (600021 CH), supplier of a third of the electricity in China’s richest city, rose 1.5 percent to 4.68 yuan. Shareholders approved a plan for private placement of shares, the company said in a statement yesterday. Shanghai Electric plans to raise up to 9.4 billion yuan ($1.48 billion) to fund a purchase, according to an October statement.
Wuxi Taiji Industry Co. (600667) (600667 CH), a textile maker, fell 1 percent to 6.27 yuan, the lowest since July 2010. Changzhou Haikun Communications Co. sold 5.36 million shares, or a 1.1 percent stake, in the company, Wuxi Taiji said in a statement yesterday.
--Zhang Shidong. Editor: Richard Frost
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