China Stocks: Anhui Jianghuai, China CSSC, PetroChina, SAIC
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of the close.
Automakers: SAIC Motor (600104) Corp. (600104 CH), China’s largest carmaker, fell 2.3 percent to 16 yuan. Anhui Jianghuai Automobile Co. (600418) (600418 CH), a unit of China’s biggest light- truck exporter, lost 2 percent to 7.74 yuan. Beiqi Foton Motor Co. (600166 CH), the nation’s biggest commercial-vehicle maker, dropped 2.1 percent to 7.32 yuan.
Deliveries of passenger autos, including sport-utility vehicles and light-goods vans, in the first two months of 2012 fell 3 percent from a year earlier, based on the median estimate of five analysts surveyed by Bloomberg. That would be the biggest drop since 2005, when they fell 8.9 percent, according to the China Association of Automobile Manufacturers, which will release industry data later this month.
China will control the increase in auto manufacturing capacity and encourage mergers and reorganizations in the industry, according to a work report delivered by Premier Wen Jiabao to the opening of the annual National People’s congress today.
Defense-related stocks: China North Optical-Electrical Technology Co. (600435) (600435 CH), which gets about 58 percent of its revenue from military-dual use products, climbed 4.5 percent to 10.14 yuan. China CSSC Holdings Ltd. (600150) (600150 CH), a unit of the nation’s biggest shipbuilder, jumped 5.4 percent to 33.18 yuan.
Military spending is set to rise 11.2 percent this year to about 670 billion yuan ($106 billion), Li Zhaoxing, a spokesman for the NPC, said yesterday. China’s defense spending is the second-highest in the world after the U.S.
PetroChina Co. (601857) (601857 CH), the nation’s biggest oil producer, retreated 1.1 percent to 10.47 yuan. Refining losses were bigger than expected last year because oil prices rose, Chairman Jiang Jiemin said in Beijing today.
--Zhang Shidong. Editor: Chan Tien Hin
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