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Jan. 4 (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 30 points, or 1.4 percent, to 2,169.39, the biggest loss since Dec. 15. The CSI 300 Index slid 2 percent to 2,298.75. China’s markets were shut yesterday and Jan. 2 for the holidays.
China Cosco Holdings Co. (601919 CH), Asia’s largest shipping line, plunged 3.9 percent to 4.50 yuan after an index of export orders indicated a third month of contraction.
China Vanke Co. (000002 CH) lost 1.9 percent to 7.33 yuan. Chinese property values dropped 0.25 percent from November, SouFun Holdings Ltd., the nation’s biggest real-estate website owner, said today. Prices slid in 60 of 100 cities, and all of the 10 biggest, including Beijing and Shanghai.
Shenzhen Development Bank Co. (000001 CH) retreated 2.8 percent to 15.16 yuan and China Citic Bank Corp. (601998 CH), a unit of the nation’s largest state-owned investment firm, fell 1.2 percent to 3.99 yuan on speculation a recent cash crunch will worsen before the Chinese New Year holidays later this month.
“We expect a reserve-ratio cut soon,” said Dariusz Kowalczyk, a strategist at Credit Agricole CIB in Hong Kong. “The cut is really needed as liquidity tightness will return as the Chinese New Year is approaching.”
--Editor: Allen Wan
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