Bloomberg News

China Stock Movers: China Southern, China Vanke, Jiangxi Copper

October 20, 2011

Oct. 20 (Bloomberg) -- Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses and prices are as of the close.

The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, slid 1.9 percent to 2,331.37. The CSI 300 Index plunged 2.4 percent to 2,520.53.

Airlines: China Southern Airlines Co. (600029 CH), the nation’s largest carrier, dropped 4.2 percent to 6.11 yuan. China Eastern Airlines Corp. (600115 CH) slid 4.7 percent to 4.47 yuan, and Air China Ltd. (601111 CH) decreased 3.2 percent to 7.57 yuan.

The nation’s aviation regulator cut its 2011 passenger number growth estimate to 8 percent from 13 percent, China Business News said today, citing a report by the Civil Aviation Administration of China.

Copper producers: Jiangxi Copper Co. (600362 CH) sank 4.4 percent to 25.20 yuan, the lowest close since July 15, 2010. Yunnan Copper Industry Co. (000878 CH) declined 2.4 percent to 17.18 yuan. Copper for January delivery on the Shanghai Futures Exchange plunged 5.5 percent to 50,950 yuan a metric ton on speculation slowing economic growth will curb demand.

Developers: China Vanke Co. (000002 CH), China’s biggest developer by market value, lost 1.1 percent to 7.02 yuan. Gemdale Corp. (600383 CH) retreated 3.1 percent to 4.41 yuan.

China’s central bank will start a second round of investigations into the nation’s private lending and may introduce a monitoring system in the future, the 21st Century Business Herald reported today, citing an unidentified person close to the People’s Bank of China.

Insurers: China Life Insurance Co. (601628 CH) slipped 2.3 percent to 14.81 yuan. Ping An Insurance (Group) Co. (601318 CH) fell 2.5 percent to 34.69 yuan.

China cut the fund-raising limit for insurance companies’ subordinated bond issues to 50 percent of their year-end net assets, from 100 percent, the China Insurance Regulatory Commission said in a statement.

Sichuan Expressway Co. (601107 CH) jumped 5.4 percent to 4.50 yuan, the biggest gain since Aug. 19. Sichuan Expressway won a tender for the Suining-Xichong Expressway and will have a 29-year, 336-day franchise, according to a company statement.

--Irene Shen. Editor: Shiyin Chen

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

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


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