China Stocks: China Vanke, Huaneng Power, Yanzhou Coal Ming
The Shanghai Composite Index (SHCOMP), which tracks the bigger of China’s stock exchanges, lost 47.63 points, or 2.1 percent, to 2,180.90 at the close, the lowest since March 16, 2009. The CSI 300 Index declined 2.4 percent to 2,340.79.
Materials producers: Yanzhou Coal Mining Co. (600188) (600188 CH) retreated 7.3 percent to 20.99 yuan. Zhongjin Gold Co. (600489) (600489 CH) sank 6.8 percent to 18.36 yuan and Zijin Mining Group Co. (601899) (601899 CH), the largest gold producer, lost 5 percent to 3.81 yuan. Commodities posted the biggest drop in almost 11 weeks amid concerns European leaders are failing to stem the region’s debt crisis.
Huaneng Power International Inc. (600011) (600011 CH), the listed unit of China’s largest power group, surged 4.8 percent to 5.03 yuan. China may introduce more measures to relieve power shortages in the country following a recent power price increase, Han Wenke, director general at the Energy Research Institute of the National Development and Reform Commission, said after a forum in Beijing yesterday.
Property companies: China Vanke Co. (000002) (000002 CH), the nation’s biggest listed property developer, gained 1.6 percent to 7.21 yuan. Poly Real Estate Group Co. (600048) (600048 CH), the second-largest, advanced 1.1 percent to 9.48 yuan. Executives of Chinese developers including Shimao Property Holdings Ltd. and Glorious Property Holdings Ltd. are buying the most stock in their companies since at least 2008, betting the government will ease curbs on the property market that had depressed the shares.
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