China Stocks: Beiqi Foton, GD Power, Huaxia, ICBC, Shanxi Coal
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of 3 p.m. close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, gained 6.80 points, or 0.2 percent, to 3,057.33. The CSI 300 Index (SHSZ300) rose less than 0.1 percent to 3,359.44.
Banking stocks: Industrial & Commercial Bank of China (601398) Ltd. (601398 CH), the nation’s biggest listed lender, dropped 0.6 percent to 4.67 yuan. Huaxia Bank Co. (600015 CH), partly owned by Deutsche Bank AG, slid 1 percent to 13.54 yuan.
China increased banks’ reserve requirements to lock up cash and limit inflation. Reserve ratios will rise a half point from April 21, the People’s Bank of China said in a one-sentence statement yesterday. The move, taking the requirement to 20.5 percent for the nation’s biggest lenders, came less than two weeks after the central bank boosted benchmark interest rates.
Beiqi Foton Motor Co. (600166 CH), China’s biggest commercial-vehicle maker, fell 2.2 percent to 22.52 yuan after saying March sales dropped to 84,864 vehicles from 85,838 units a year earlier.
GD Power Development Co. (600795 CH), the largest electricity producer in northeastern China, rose 1.9 percent to 3.30 yuan after saying first-quarter electricity generation gained 25 percent from a year earlier to 34 billion kilowatt- hours.
Huatai Securities Co. (601688 CH) lost 2 percent to 14.51 yuan after the brokerage said first-quarter profit declined 16 percent from a year earlier on trading losses.
Shanxi Coal International Energy Group Co. (600546 CH) advanced 4 percent to 33.89 yuan after the coal producer said first-quarter net income increased 93 percent from a year earlier to 217 million yuan.
--Zhang Shidong. Editor: Richard Frost
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