Bloomberg News

China Stocks: Citic, Jizhong, Wuhan Iron, Zijin Mining

October 18, 2010

The Shanghai Composite Index (SHCOMP), which tracks the bigger of China’s stock exchanges, slid 15.93, or 0.5 percent, to 2,955.23 at the 3 p.m. close. The CSI 300 Index (SHSZ300) declined 0.7 percent to 3,306.16.

Brokerages: Citic Securities Co. (600030) (600030 CH), the nation’s largest brokerage, climbed 1.8 percent to 15.23 yuan. Haitong Securities Co. (600837) (600837 CH), the second-biggest brokerage, advanced 1.7 percent to 11.67 yuan.

Brokerages gained on speculation surging transaction volumes will boost earnings. Investors traded 31.8 billion shares on the Shanghai and Shenzhen exchanges on Oct. 15, the most since Nov. 26, 2009, according to data compiled by Bloomberg.

Copper producers: Jiangxi Copper Co. (600362) (600362 CH), the nation’s largest producer, lost 5.9 percent to 40.58 yuan. Yunnan Copper Industry Co. (000878) (000878 CH) dropped 7.2 percent to 26.10 yuan.

Copper for three-month delivery on the London Metal Exchange lost as much as 1 percent to $8,315.75 a metric ton and traded at $8,350 at 12:53 p.m. in Singapore. Copper reached $8,490 a ton on Oct. 14, the highest level in 27 months.

Wuhan Iron & Steel Co. (600005) (600005 CH), a steelmaker, climbed 1 percent to 5.32 yuan after saying it would cut the size of a rights offer to a maximum of 10.7 billion yuan from 12 billion yuan after excluding one of three planned projects to receive the funds.

Zijin Mining Group Co. (601899) (601899 CH), China’s biggest gold producer, fell 7.8 percent to 9.47 yuan, the most since Aug. 17, 2009. The company said two subsidiaries face legal claims for at least 19.5 million yuan in connection with a fatal dam collapse at a mine. A Guangdong court has notified the units that they’re being sued by the Xinyi city government.

--Chua Kong Ho in Shanghai. Editor: Allen Wan

To contact Bloomberg News staff for this story: Chua Kong Ho in Shanghai at kchua6@bloomberg.net

To contact the editor responsible for this story: Linus Chua at lchua@bloomberg.net


Cash Is for Losers
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus