China Stocks: Air China, Anhui Conch, Baotou Rare-Earth, Moutai
Air carriers: Air China Ltd. (601111) (601111 CH), the nation’s largest international carrier, slid 2 percent to 6.27 yuan. China Eastern Airlines Corp. (600115 CH), the nation’s second- largest carrier, fell 1 percent to 3.81 yuan.
China may raise jet fuel prices for April by 330 yuan ($52.3) a ton to 8,099 yuan, Xinhua08.Com reported yesterday, citing Zhongyu Information analyst Wang Jintao. Airlines may increase passenger fuel surcharges by 10 yuan, it said.
Liquor makers: Kweichow Moutai Co. (600519) (600519 CH), China’s biggest producer of baijiu liquor by market value, tumbled 6.4 percent to 201.50 yuan, its biggest loss since Nov. 17, 2010. Wuliangye Yibin Co. (000858 CH), the second largest, slumped 6.5 percent to 34.50 yuan. Jiangsu Yanghe Brewery Joint-Stock Co. (002304 CH) retreated 5.8 percent to 153 yuan.
Premier Wen Jiabao pledged to ban the use of public funds to buy cigarettes and “high-end” alcohol, warning that corruption may endanger the ruling Communist Party’s survival. He also said at a State Council meeting yesterday state-owned enterprises and agencies must “strictly control” funds used to renovate “luxury” office buildings or buy artwork, according to a statement on the government’s website.
Anhui Conch Cement Co. (600585) (600585 CH), China’s biggest cement maker, rose 1.8 percent to 16.01 yuan. Net income jumped 88 percent in 2011, the company said yesterday.
Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co. (600111) (600111 CH), China’s biggest producer of rare earth, surged 8.3 percent to 70.94 yuan, the biggest gain since Feb. 8. Net income jumped 363 percent last year, Baotou Rare-Earth said in a statement yesterday.
--Zhang Shidong. Editor: Allen Wan
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