Oct. 24 (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, advanced 2.3 percent to 2,370.33, snapping four days of losses. The CSI 300 Index added 2.7 percent to 2,576.67.
Banks: Agricultural Bank of China Ltd. (601288 CH) added 1.9 percent to 2.63 yuan, closing at the highest level since Aug. 25. China Minsheng Banking Corp. (600016 CH) climbed 2.4 percent to 5.98 yuan. China Citic Bank Corp. (601998 CH) increased 2.6 percent to 4.35 yuan.
Hong Kong-listed Chinese lenders may post an average 32 percent third-quarter profit growth, led by China Minsheng, Agricultural Bank and China Citic Bank, said Barclays Plc analysts May Yan and Shujin Chen in a report today.
Brokerages: Haitong Securities Co. (600837 CH) jumped 6.7 percent to 9.10 yuan. Citic Securities Co. (600030 CH), the biggest-listed brokerage, climbed 4.5 percent to 11.79 yuan.
China has set up a company in charge of short-selling and margin trading, the Securities Times reported. The company got approval from the government on Oct. 19 and has held its first board meeting, the newspaper said on Oct. 22, citing an unidentified insider. The move signals a step forward toward allowing brokerages to do short-selling and margin trading, the newspaper said.
Coal producers: China Shenhua Energy Co. (601088 CH) rose 3.3 percent to 25.35 yuan, the biggest increase since Sept. 21. Pingdingshan Tianan Coal Mining Co. (601666 CH) climbed 4 percent to 12.76 yuan, halting six days of losses.
Coal with an energy value of 5,500 kilocalories per kilogram rose 0.6 percent from a week earlier to a range of 850 yuan ($133) to 860 yuan a metric ton as of yesterday, according to the China Coal Transport and Distribution Association. That’s the highest price since Oct. 20, 2008.
Sichuan Shuangma Cement Co. (000935 CH) gained 3.1 percent to 9.27 yuan, the biggest increase since Oct. 12. The company’s full-year net income may rise as much as 422 percent to 177 million yuan, according to a statement to the Shenzhen Stock Exchange yesterday.
Suning Appliance Co. (002024 CH) gained 2.5 percent to 10.44 yuan, the largest increase since Oct. 17. The company got approval from the China Securities Regulatory Commission for a private share placement, according to a statement to the Shenzhen Stock Exchange yesterday.
--Irene Shen. Editor: Matthew Oakley, Shiyin Chen
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