China Stocks: Air China, Angang Steel, Jiangxi Copper
The Shanghai Composite Index (SHCOMP), which tracks the bigger of China’s stock exchanges, fell 62.30 points, or 2.7 percent, to 2,284.88, its steepest loss since Nov. 30. The CSI 300 Index (SHSZ300) declined 2.8 percent to 2,474.90.
Air China Ltd. (601111) (601111 CH), the nation’s largest international carrier, slumped 4.3 percent to 6 yuan, its biggest drop since Dec. 15. Net income for 2011 declined 41 percent from a year ago to 7.08 billion yuan ($1.1 billion) under international accounting standards and passenger growth may slow to 4.4 percent this year, Air China said in a statement yesterday.
Angang Steel Co. (000898) (000898 CH), the fifth-largest steelmaker by market value, slid 3.1 percent to 4.39 yuan. The steelmaker posted a net loss of 1.93 billion yuan in the six months ended Dec. 31, compared with a loss of 713 million yuan a year earlier, according to Bloomberg calculations based on Angang Steel’s full-year earnings posted yesterday.
Jiangxi Copper Co. (600362) (600362 CH), China’s biggest producer of the metal, plunged 5.5 percent to 24.69 yuan after it reported net income of 2.27 billion yuan in the six months ended Dec. 31, compared with 2.79 billion yuan a year earlier, according to Bloomberg calculations. The profit trailed the 3.04 billion yuan median estimate of 15 analysts surveyed by Bloomberg.
--Zhang Shidong. Editor: Allen Wan
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