China Stocks Movers: BYD, Jiangxi Copper, Inner Mongolia Yili
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, rose 0.4 percent to 2,316.05. The CSI 300 Index gained 0.5 percent to 2,581.21.
China will exempt new energy vehicles and plug-in hybrid models from a sales tax under a development plan that will be announced by the State Council in the near term, the Economic Information Daily reported today, citing information from an energy vehicle conference.
Commodities stocks: Jiangxi Copper Co. (600362) (600362 CH), China’s largest producer of the metal, gained 0.9 percent to 25.19 yuan, the highest close since June 1. China Shenhua Energy Co. (601088), (601088 CH), a coal producer, rose 1.1 percent to 24.06 yuan.
Projections showed Greek politicians that support a bailout won enough seats to control parliament, easing concerns that Greece will exit the euro.
Inner Mongolia Yili Industrial Group Co. (600887) (600887 CH), a food producer, retreated 4.7 percent to 20.82 yuan, the lowest close since Feb. 1. The company apologized for a recall of baby formula found with “abnormal” levels of mercury, according to a statement from the company to the Shanghai Stock Exchange.
PetroChina Co. (601857) (601857 CH), the biggest energy producer, climbed 0.3 percent to 9.24 yuan, the highest since June. Nomura Holdings Inc. raised the Hong Kong-listed shares to neutral from reduce.
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