Bloomberg News

Chinese Stock Movers: Bank of Communications, ICBC, PetroChina

October 28, 2011

Oct. 28 (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, rose 1.6 percent to 2,473.41. The CSI 300 Index added 1.9 percent to 2,709.02.

Developers: China Vanke Co. (000002 CH) gained 3.1 percent to 7.91 yuan. Poly Real Estate Group Co. (600048 CH) jumped 4.4 percent to 10.17 yuan. Gemdale Corp. (600383 CH) climbed 4.9 percent to 5.14 yuan.

Beijing may lower deposits for bidding on land for residential developments to 20%, Beijing Business Today reported, without saying where it got the information. Deposits have been as high as 60 percent, according to the newspaper. Payment schedules may be relaxed and land prices may also be lowered if the market is weak, according to the report.

China Southern Airlines Co. (600029 CH), the nation’s biggest carrier, advanced 1.6 percent to 6.52 yuan, its highest close since Oct. 17. Third-quarter net income rose 3 percent to 3.1 billion yuan, it said in a Hong Kong stock exchange statement yesterday, citing domestic accounting standards.

Anhui Jianghuai Automobile Co. (600418 CH) jumped 3.8 percent to 7.43 yuan, the biggest gain since Oct. 12. The company’s parent plans to more than double annual sales in Brazil to 100,000 vehicles by 2015, Michael Yang, project director at JAC Motors, a unit of the group, said in an interview in Shanghai yesterday.

PetroChina Co. (601857 CH), the nation’s largest oil producer, advanced 0.9 percent to 9.98 yuan, its highest close since Oct. 13. Third-quarter net income rose 7.8 percent from a year earlier to 37.4 billion yuan, PetroChina said in a statement yesterday. That beat the 33.3 billion yuan mean estimate of six analysts surveyed by Bloomberg.

Shanghai Pharmaceuticals Holding Co. (601607 CH) climbed 0.8 percent to 14.56 yuan, its highest close since Oct. 17. Third-quarter net income rose 2.6 percent from a year ago to 358 million yuan, the company said in a statement to the city’s stock exchange yesterday.

Zijin Mining Group Co. (601899 CH) rose 1.8 percent to 4.61 yuan, the highest since Sept. 23. The company’s third-quarter net income rose 20 percent from a year earlier to 1.37 billion yuan, according to a statement to the Shanghai Stock Exchange yesterday.

--Irene Shen. Editor: Richard Frost

To contact the reporter 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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