Bloomberg News

China Stocks: Anhui Conch, Angang Steel, Founder Securities

November 07, 2011

Nov. 7 (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, fell 18.5 points, or 0.7 percent, to 2,509.799. The CSI 300 Index dropped 1 percent to 2,736.25.

Building-materials producers: Anhui Conch Cement Co. (600585 CH), the largest producer of the building material, slid 2.4 percent to 19.41 yuan, the most since Oct. 20. Tangshan Jidong Cement Co. (000401 CH) dropped 3.3 percent to 17.21 yuan.

Chinese cement prices declined 1 percent last week, Samsung Securities reported, citing data from Digital Cement. “The price falls in Gansu and Qinghai were partly driven by the start of the winter low season in northwest China, and partly due to delays in new project starts because of tight credits,” Samsung said in a report. “We expect the down trend to continue in most of the northwest provinces.”

Steel makers: Angang Steel Co. (000898 CH) gained for a fourth day, rising 0.6 percent to 5.45 yuan. Wuhan Iron & Steel Co. (600005 CH) advanced 0.3 percent to 3.53 yuan.

Shanghai Securities News reported China will soon release a plan to develop the nation’s steel industry for the five years through 2015. The newspaper cited Luo Tiejun, deputy director general of the raw material department at the Ministry of Industry and Information Technology.

Founder Securities Co. (601901 CH) lost 3.4 percent to 6.23 yuan, the lowest close since Sept. 8. Net income was 44 million yuan in October, the company said in a statement to Shanghai’s stock exchange. Revenue was 141.9 million yuan in the period, according to the statement.

Citic Securities Co. (600020 CH), the nation’s biggest- listed brokerage, dropped 1.9 percent to 12.20 yuan. Hong Yuan Securities Co. (000562 CH) fell 2.1 percent to 15.17 yuan.

-- Editor: Allen Wan

To contact the reporter on this story: Weiyi Lim in Singapore at wlim26@bloomberg.net

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


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