China Stocks: Qilianshan Cement, Sinopec, West Construction
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of the close.
Refiners: China Petroleum & Chemical Corp. (600028) (600028 CH), Asia’s biggest oil refiner, lost 0.7 percent to 7.55 yuan. Sinopec Shanghai Petrochemical Co. (600688 CH), China’s largest maker of ethylene, fell 0.5 percent to 6.21 yuan.
Crude oil futures for March delivery, which expire today, advanced as much as $2.20 to $105.44 in intra-day trading, the highest price since May 5.
West China-based stocks: Gansu Qilianshan Cement Group Co. (600720) (600720 CH) climbed 4.8 percent to 10.83 yuan, the highest close since Nov. 29. Sichuan Road & Bridge Co. (600039 CH) rose 3.9 percent to 7.82 yuan. Xinjiang West Construction Co. (002302 CH) jumped 5.6 percent to 16.14 yuan.
China approved a plan to accelerate the development in the country’s western region. The government plans to put 15,000 kilometers (9,323 miles) of new rail lines into service in western China in the five years through 2015, the official Xinhua News Agency reported yesterday, citing a State Council statement. The economies of the western region will expand at a faster pace than the national average in the period ending 2015, according to the statement.
--Zhang Shidong. Editor: Richard Frost
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