Bloomberg News

China Stocks: AgriBank, China Eastern, Dazhong, Ping An

October 27, 2011

Oct. 27 (Bloomberg) -- Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of the close.

The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, rose 8.13 points, or 0.3 percent, to 2,435.62. The CSI 300 Index gained 0.2 percent to 2,657.48.

Shanghai-based transport companies: Dazhong Transportation (Group) Co. (600611 CH), a taxi operator, jumped by the 10 percent daily limit to 6.44 yuan. China Eastern Airlines Corp. (600115 CH), the nation’s second-largest carrier, gained 1.9 percent to 4.72 yuan. Shanghai International Port (Group) Co. (600018 CH), the operator of the world’s second-busiest harbor, rose 1.9 percent to 3.18 yuan.

The central government said yesterday it will introduce a trial of lower-rate value-added tax categories in Shanghai next year. The tax reform may reduce taxes on service industries by 72 billion yuan ($11.3 billion), Zhu Jianfang, an economist at Citic Securities Co., wrote in a note today.

Agricultural Bank of China Ltd. (601288 CH), the nation’s fourth-largest lender by assets, added 1.1 percent to 2.68 yuan, the highest since Aug. 1. The company said third-quarter profit grew 40 percent from a year earlier.

Ping An Insurance (Group) Co. (601318 CH), China’s second- biggest insurer, gained 1.2 percent to 37.99 yuan, the highest in a month. Nine-month profit rose 29 percent from a year earlier excluding a 1.95 billion yuan one-off loss from folding Shenzhen Development Bank Co. into its balance sheet last quarter, the insurer said. The profit “met expectations,” Guosen Securities Co. said in a report.

--Zhang Shidong. Editor: Allen Wan

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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