Bloomberg News

Chinese Stocks in the U.S.: Cnooc, PetroChina, Sinopec, Suntech

October 11, 2011

Oct. 11 (Bloomberg) -- The Bank of New York Mellon China ADR Index, which tracks American depositary receipts, was little changed at 363.05. The New York Stock Exchange Arca China Index fell 0.2 percent to 216.12. The Shanghai Composite Index climbed 0.2 percent to 2,348.52.

The following companies were among the most active Chinese shares in New York trading. Stock symbols are in parentheses and prices are as of the close of trading.

China will extend a value-based tax, ranging from 5 to 10 percent, on sales of oil and natural gas nationwide starting next month, the Ministry of Finance said in a statement today. The nation will impose a value-based tax on other commodities when the time is right, it said.

PetroChina Co. (PTR US) the nation’s biggest oil producer, dropped 3.4 percent, the most since Sept. 21, to $116.52.

China Petroleum and Chemical Corp. (SNP US), the country’s biggest refiner known as Sinopec, slumped 1.7 percent to a two- week low of $91.78.

Cnooc Ltd. (CEO US), China’s largest offshore energy producer, dipped 0.2 percent to $175.39.

Huaneng Power International Inc. (HNP US), the listed unit of China’s biggest power producer, sank 2.4 percent, the most in a week, to $16.17.

Spot prices for polysilicon, the raw material used in most solar panels, dropped 5.8 percent on Oct. 10 from a week ago, the biggest weekly drop since June, according to London-based Bloomberg New Energy Finance’s survey, signaling the industry’s slump may be deepening.

Suntech Power Holdings (STP US), the world’s largest maker of solar panels, slid 9.2 percent to $2.27.

Canadian Solar Inc. (CSIQ US), a solar-power component producer in China, declined 1.7 percent to $3.53.

--Editors: Glenn J. Kalinoski, Marie-France Han

To contact the reporter on this story: Belinda Cao in New York at lcao4@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net


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