Feb. 24 (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 30.07 points, or 1.3 percent, to 2,439.63. The CSI 300 Index gained 1.6 percent to 2,648.02.
Coal stocks: China Shenhua Energy Co. (601088 CH), the nation’s largest coal producer, added 1.3 percent to 28.12 yuan. China Coal Energy Co. (601898 CH), the second biggest, rose 2 percent to 10.11 yuan. Datong Coal Industry Co. (601001 CH), the third biggest, advanced 1.9 percent to 14.33 yuan.
China’s central bank announced a cut in lenders’ reserve- ratio requirements by 50 basis points on Feb. 18 and the reduction takes effect from today. Easing liquidity will boost demand for energy, said Wang Shi, a Shanghai-based coal analyst at Northeast Securities Ltd.
Property stocks: Poly Real Estate Group Co. (600048 CH), China’s second-largest developer by market value, jumped 3.5 percent to 11.70 yuan. China Vanke Co. (000002 CH), the biggest, added 3.9 percent to 8.51 yuan. Hangzhou Binjiang Real Estate Group Co. (002244 CH) surged 5.6 percent to 8.87 yuan.
Shanghai will implement differentiated taxation and mortgage policies for home buyers and will have increased affordable housing by 1 million units by 2015, according to a five-year housing plan posted on the city government website on Feb. 22.
Chongqing Brewery Co. (600132 CH), the beermaker that is developing a hepatitis B vaccine, slumped 6.1 percent to 36.68 yuan, the biggest loss since Jan. 16. Chongqing Brewery, which counts Carlsberg A/S as its largest shareholder, is “highly uncertain” whether it will continue clinical research on the vaccine, it said in a statement to the Shanghai Stock Exchange.
--Zhang Shidong. Editor: Allen Wan
To contact Bloomberg News staff for this story: Zhang Shidong in Shanghai at email@example.com
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org