China Stocks: Baoshan Steel, Gemdale, Poly, Shenhua, Yitai Coal
The Shanghai Composite Index (SHCOMP), which tracks the bigger of China’s stock exchanges, fell 16.07 points, or 0.7 percent, to 2,289.79. The CSI 300 Index (SHSZ300) declined 0.7 percent to 2,540.18.
Coal stocks: China Shenhua Energy Co. (601088) (601088 CH), the nation’s largest coal producer, declined 2.4 percent to 23.59 yuan. China Coal Energy Co. (601898 CH), the second biggest, fell 1.9 percent to 8.38 yuan. Datong Coal Industry Co. (601001) (601001 CH), the third largest, lost 2.2 percent to 11.99 yuan.
Societe Generale SA reduced its 2012 coal-price forecasts because of the “poor performance” in the global economy and a slowdown in energy demand in emerging markets. It cut its forecast for average 2012 CIF ARA coal to $109.70 a metric ton from $113.80.
Developers: Poly Real Estate Group Co. (600048) (600048 CH), the second-biggest developer, climbed 4 percent to 14.63 yuan. Gemdale Corp. (600383) (600383 CH), the four largest, gained 3.1 percent to 7.27 yuan. Financial Street Holding Co. (000402 CH) added 2.8 percent to 6.96 yuan.
Local-currency loans were 793.2 billion yuan ($125 billion), the People’s Bank of China said yesterday. That compared with the 700 billion yuan median forecast in a Bloomberg News survey of 29 economists and 681.8 billion yuan in April.
Baoshan Iron & Steel Co. (600019) (600019 CH), the listed unit of China’s second-biggest steelmaker, slid 3.3 percent to 4.43 yuan, its lowest close since Nov. 4, 2008. Baoshan Steel said it cut product prices by as much as 400 yuan a metric ton for July delivery, with most hot-rolled and cold-rolled products reduced by 200 yuan a ton.
Inner Mongolia Yitai Coal Co. (900948)’s (900948 CH) B-shares climbed 5 percent to $5.251. The coal producer said its parent plans to spend $512.4 million to raise its stake in the company by as much as 5 percent in the next six months.
--Zhang Shidong. Editor: Allen Wan
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