Nov. 16 (Bloomberg) -- Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses and prices are as of the close in Shanghai.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, fell 2.5 percent to 2,466.96, the biggest drop since Sept. 22. The CSI 300 Index lost 2.7 percent to 2,670.12.
Airline: Air China Ltd. (601111 CH), the largest international carrier, dropped 2.5 percent to 7.97 yuan. China Southern Airlines Co. (600029 CH), the biggest domestic airline, lost 2.8 percent to 6.18 yuan.
China’s airline industry was cut to “neutral” from “positive” at Daiwa Capital Markets, which said passenger load factors and yields are likely to decline in 2012.
Property: China Vanke Co. (000002 CH) retreated 3.4 percent to 7.29 yuan and Poly Real Estate Group Co. (600048 CH) sank 4.8 percent to 9.40 yuan. Shanghai Securities News said Vanke may cut prices for its Shanghai projects and the China Securities Journal reported real-estate companies are facing large loan repayments. A gauge of property stocks in the Shanghai Composite slid 2.8 percent, the most among the five groups in the index.
China Life Insurance Co. (601628 CH), the nation’s biggest insurer, dropped 3.8 percent to 17.68 yuan after the company reported premium income was about 282.1 billion yuan ($9.14 billion) in the first 10 months of the year. That was 1.4 percent more than the previous year and lower than expectations, according to Bocom International Holdings Co.
Inner Mongolia Yili Industrial Group Co. (600887 CH), the nation’s biggest dairy producer, slid 4.1 percent to 22.11 yuan after the company reduced the fund-raising target of its private share sale by 29 percent. The company said in May it planned to raise as much as 7 billion yuan in a private placement of 218 million new shares for at least 32.67 yuan each, and use the proceeds to increase production.
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