China Stocks: Anhui Conch, Chongqing Brewery, Suning, Vanke
The Shanghai Composite Index (SHCOMP), which tracks the bigger of China’s stock exchanges, fell 42.96 points, or 1.9 percent, to 2,248.59, the lowest close since March 2009. The CSI 300 Index declined 2.3 percent to 2,421.59.
Property-related stocks: China Vanke Co. (000002) (000002 CH), the nation’s biggest listed property developer, lost 1.8 percent to 7.17 yuan. Anhui Conch Cement Co. (600585 CH), China’s biggest cement maker, slid 4.5 percent to 15.76 yuan. Changsha Zoomlion Heavy Industry Science & Technology Development Co. (000157 CH), China’s second-biggest maker of construction equipment, fell 1.3 percent to 7.68 yuan.
China faces slower growth in home sales and construction next year, Fitch Ratings said in a report today. Lending to developers will remain tightly controlled as the government prolongs a campaign to stabilize property prices and some smaller builders are “more vulnerable,” it said.
Chongqing Brewery Co. (600132) (600132 CH), the beermaker that also produces medicine, tumbled by the 10 percent daily cap for a fourth day to 53.18 yuan. Its final summary report on the clinical studies of its Hepatitis B vaccine may be released on April 6 next year, the company said in a statement today.
Suning Appliance Co. (002024) (002024 CH), China’s biggest home appliance retailer by market value, advanced 4.4 percent to 8.52 yuan, its biggest gain since Feb. 24. Suning’s management plans to spend up to 200 million yuan ($31.4 million) to boost stock holdings over the next month, the company said in a statement.
--Zhang Shidong. Editor: Allen Wan
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