Bloomberg News

China Stocks: Anhui Conch, Chengdu Galaxy Magnets, Wuhu Conch

September 30, 2011

Sept. 30 (Bloomberg) -- Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses and prices are as of the 3 p.m. close.

The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 6.12 points, or 0.3 percent, to 2,359.22, its lowest close since April 8, 2009. The CSI 300 Index declined 0.3 percent to 2,581.35. China’s markets will be closed next week for holidays.

Industrial stocks: Anhui Conch Cement Co. (600585 CH), China’s biggest cement maker, dropped 2.6 percent to 17.20 yuan, a third day of losses. Huaxin Cement Co. (600801 CH), the Chinese affiliate of Holcim Ltd., lost 5.3 percent to 17.31 yuan, its biggest drop in three weeks. Sany Heavy Industry Co. (600031 CH), the biggest Chinese machinery maker, fell 2.6 percent to 14.41 yuan.

A gauge of Chinese manufacturing shrank for a third month, the longest contraction since 2009, as measures of new orders and export demand declined. The reading of 49.9 for the September purchasing managers’ index, released by HSBC Holdings Plc and Markit Economics today, was unchanged from August and compared with a preliminary 49.4 figure published last week.

Chengdu Galaxy Magnets Co. (300127 CH) jumped the 10 percent daily limit to 23.93 yuan. Third-quarter profit may rise between 518 percent and 593 percent from a year earlier and the company received combined subsidies of 3.73 million yuan ($585,250) from the government, Chengdu Galaxy said in a statement yesterday.

Wuhu Conch Profiles & Science Co. (000619 CH) dropped 1.7 percent to 7.15 yuan, the lowest since April 2009. Profit for the first nine months may decline between 65 percent and 70 percent from a year earlier as costs increased and subsidies fell, the company said in a statement yesterday.

--Zhang Shidong. Editor: Matthew Oakley

To contact Bloomberg News staff for this story: Zhang Shidong in Shanghai at szhang5@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net


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