Bloomberg News

China Stock Movers: PetroChina, China CNR, Vanke, Sinopec

October 10, 2011

Oct. 10 (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. Shanghai time close.

The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, dropped 0.6 percent to 2,344.79. The CSI 300 Index fell 0.9 percent to 2,557.08.

Developers: China Vanke Co. (000002 CH), the nation’s largest listed developer, lost 3.3 percent to 7 yuan, the lowest level since July 5, 2010. Poly Real Estate Group Co. (600048 CH) slid 3.5 percent to 8.93 yuan.

China home prices will gradually ease because of rising inventories and a slump in property-market transactions, the official Xinhua News Agency reported yesterday. The market declined during the week-long National Day holiday, typically a strong period for housing sales, Xinhua reported.

Oil refiners: PetroChina Co. (601857 CH), the nation’s largest oil producer, retreated 1.1 percent to 9.76 yuan, the biggest loss since Sept. 22. China Petroleum & Chemical Corp. (600028 CH) slid 0.4 percent to 6.90 yuan.

Ex-factory gasoline and diesel prices were both reduced by 300 yuan ($47.20) a metric ton, effective yesterday, the National Development & Reform Commission said. That represents a 3.5 percent drop for gasoline and 3.9 percent decrease for diesel, according to prices provided in an Oct. 8 statement by the NDRC.

Bright Dairy & Food Co. (600597 CH) added 0.9 percent to 8.25 yuan, the biggest rise since Sept. 27. The company’s board approved a plan to sell up to 1.4 billion yuan of shares through a private placement in the yuan-denominated market, according to a statement to Shanghai’s stock exchange.

China CNR Corp. (601299 CH) slipped 1.6 percent to 4.45 yuan, the lowest since Sept. 5. The trainmaker plans to raise as much as 7.1 billion yuan through a rights offer, according to a statement to Shanghai’s stock exchange. The company had planned to raise 10.2 billion yuan, according to a statement on July 4.

--Irene Shen. Editor: Matthew Oakley

To contact Bloomberg News staff for this story: Irene Shen in Shanghai at ishen4@bloomberg.net

To contact the editor responsible for this story: Shiyin Chen at schen37@bloomberg.net


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