Agricultural Bank, NEC, Unicom: Asian Stocks Preview
The following companies may have unusual price changes in Asian trading tomorrow. Stock symbols are in parentheses, and share prices are as of the latest close. The information in each item was released after markets shut unless stated otherwise.
Japanese trading companies: Mitsui & Co. (8031) (8031 JT) and Marubeni Corp. (8002) (8002 JT) and shipping firm Mitsui O.S.K. Lines Ltd. (9104) (9104 JT) will invest in a long-term charter operated by Modec Inc. to explore for oil off the coast of Brazil, according to a statement. Mitsui & Co. fell 0.1 percent to 1,403 yen. Marubeni slid 0.7 percent to 616 yen. Mitsui O.S.K. lost 0.5 percent to 367 yen.
Agricultural Bank of China Ltd. (1288 HK): Net income declined 14 percent to 21.2 billion yuan ($3.4 billion) for the fourth quarter, according to Bloomberg calculations based on full-year figures reported by the Beijing-based lender. That fell short of the 28.84 billion-yuan average estimate of 20 analysts in a Bloomberg survey. The stock fell 1.1 percent to HK$3.52.
China Unicom (Hong Kong) Ltd. (762 HK): The nation’s second-largest mobile phone company said net income for 2011 rose 14 percent to 4.23 billion yuan from a year earlier, missing the 5.18 billion yuan average of 20 analyst estimates compiled by Bloomberg. The stock rose 1.7 percent to HK$13.12.
Li & Fung Ltd. (494) (494 HK): The supplier of clothes and toys to Wal-Mart Stores Inc. said net income for the year ended Dec. 31 rose 24 percent to $681 million from a restated $548 million a year earlier. The stock climbed 0.4 percent to HK$19.06.
NEC Corp. (6701) (6701 JT): The electronics maker said it will buy the information management business of Convergys Corp. in a deal valued at $449 million. The unit will be merged with NEC’s NetCracker Technology Corp. subsidiary. The stock added 1.8 percent to 173 yen.
Showa Shell Sekiyu K.K. (5002) (5002 JT): The oil refiner will continue to reduce purchases of Iranian crude in accordance with an agreement between the U.S. and Japan, according to company spokesman Satoshi Yoshida. He declined to comment on the volume of the reduction and details of the company’s purchasing contract with Iran. The stock rose 0.6 percent to 541 yen.
Toko Inc. (6801) (6801 JT): The maker of electronics components plans to sell convertible bonds and shares to Murata Manufacturing Co. (6981 JO) to raise as much as 3.4 billion yen ($41 million), according to a filing with the Finance Ministry. Toko was unchanged at 188 yen. Murata added 0.4 percent to 4,960 yen.
To contact the editor responsible for this story: Nick Gentle at email@example.com