China Stocks: China Railway Erju, CSR, Luolai Home Textile
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses and prices are as of the close in Shanghai.
The Shanghai Composite Index (SHCOMP), which tracks the bigger of China’s stock exchanges, rose 0.5 percent to 2,175.38, snapping two days of losses. The CSI 300 Index (SHSZ300) advanced 0.8 percent to 2,425.57.
China Railway Erju Co. (600528) (600528 CH), a rail construction company, jumped 5.9 percent to 6.50 yuan, the biggest gain since May 28. CSR Corp. (601766) (601766 CH), the nation’s biggest trainmaker, advanced 4.5 percent to 4.38 yuan, the most since April 18. Premier Wen Jiabao called for private investment in railway, public utilities, energy and telecommunication companies, health care and education, saying the country needs to maintain “a certain amount” of economic growth, according to a State Council statement posted on the central government’s website yesterday.
China Southern Airlines Co. (600029) (600029 CH), the nation’s biggest carrier by fleet size, lost 2.2 percent to 4.54 yuan. First-half profit probably dropped from a year earlier because of slowing economic growth and higher jet-fuel prices, the carrier said in a statement yesterday. The company also had foreign-exchange losses after the Chinese currency’s decline against the dollar, it said.
Luolai Home Textile Co. (002299) (002293 CH), China’s biggest manufacturer of home textile products, tumbled by the 10 percent daily limit to 64.70 yuan after the company said first-half profit may have dropped.
To contact the reporter on this story: Weiyi Lim in Singapore at firstname.lastname@example.org
To contact the editor responsible for this story: Darren Boey at email@example.com