China Stocks: Chongqing Steel, Kweichow Moutai Co., Sany Heavy
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of the close.
The Shanghai Composite Index (SHCOMP), which tracks the bigger of China’s stock exchanges, fell 4.97 points, or 0.2 percent, to 2,384.67. The gauge dropped 0.5 percent this month. The CSI 300 Index (SHSZ300) declined 0.3 percent to 2,642.26.
Chongqing Iron & Steel Co. (601005) (601005 CH) jumped by the 10 percent daily limit to 3.60 yuan after the steelmaker said it will buy assets at a new plant from its parent. The stock resumed trading today after being suspended from Feb. 24.
Guangdong Electric Power Development Co. (000539) (000539 CH) added 1.5 percent to 5.43 yuan. The power supplier said its plan to issue new shares to acquire assets has been approved by the China Securities Regulatory Commission. The stock resumed trading today after a five-day suspension.
Sany Heavy Industry Co. (600031) (600031 CH), the biggest Chinese machinery maker, dropped 0.9 percent to 15.07 yuan. The company cut the size of a planned share sale in Hong Kong to about $2 billion, two people with knowledge of the matter said.
Kweichow Moutai Co. (600519) (600519 CH), China’s biggest producer of baijiu liquor by market value, liquor by market value, advanced 1.4 percent to 228.66. The liquor maker’s per-share earnings may rise 61 percent this year and 41.7 percent in 2013, Tong Xun and Zhang Xuejiao, analysts at Shenyin & Wanguo Securities Co., wrote in a report today.
--Zhang Shidong. Editor: Darren Boey
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