China Stock Movers: Baotou, Shandong Dong-E, Wuhan Department
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, dropped 0.3 percent to 2,292.88, the lowest close since June 12. The CSI 300 Index fell 0.2 percent to 2,552.61. China’s markets will be closed for a holiday on June 22.
Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co. (600111) (600111 CH), China’s biggest producer of rare earth, rose 0.9 percent to 43.98 yuan, the most in a week. Rising Nonferrous Metals Share Co. (600259) (600259 CH) climbed 1.7 percent to 71 yuan, the most since June 1. China Nonferrous Metal Industry’s Foreign Engineering and Construction Co. (000758) (000758 CH) added 0.6 percent to 21.74 yuan.
China has started drafting a plan to promote consolidation of the rare-earth industry, the Economic Information Daily reported, citing an unidentified official from the State-owned Assets Supervision and Administration Commission.
Shandong Dong-E E-Jiao (000423) (000423 CH) dropped 4.1 percent to 39.50 yuan, the biggest slide since April 18.
A gauge of health-care stocks in the CSI 300 sank 2.2 percent today, the most among 10 groups, after outperforming all other industries in the past month with a 6.4 percent jump. The health-care index, which has rallied on speculation industry earnings are more resilient in an economic slowdown, trades at 20.3 times estimated profit, compared with 10.9 for the CSI 300.
Wuhan Department Store Group Co. (000501) (000501 CH) surged by the 10 percent daily limit to 16.17 yuan, the most since Sept. 19, 2008. The China Securities Regulatory Commission approved a shareholders’ plan to buy a stake in the Chinese retailer at a 44 percent premium. Shareholders will buy a combined 5 percent stake in the company for 538 million yuan, according to a company statement to Shenzhen’s stock exchange after markets closed yesterday.
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