Bloomberg News

Chinese Stocks in U.S. Slump Most in Two Weeks

March 29, 2012

Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of the close.

The Shanghai Composite Index (SHCOMP), which tracks the bigger of China’s stock exchanges, fell 32.72 points, or 1.4 percent, to 2,252.16, the lowest close since Jan. 16. The CSI 300 Index (SHSZ300) declined 1.3 percent to 2,443.12.

Wind power stocks: Sinovel Wind Group Co. (601558) (601558 CH), the country’s biggest maker of wind turbines, lost 1.4 percent to 15.05 yuan, capping a six-day, 10 percent decline. Xinjiang Goldwind Science & Technology Co. (002202) (002202 CH), the second biggest, slid 2.4 percent to 7.45 yuan.

The National Energy Administration told local governments not to “arrange” new wind power projects in areas where more than 20 percent of wind farm output is lost because of limited grid capacity, Shanghai Securities News reported, citing a notice.

Sany Heavy Industry Co. (600031) (600031 CH), the biggest Chinese machinery maker, fell 4.1 percent to 12.32 yuan, the most since Dec. 15. Net income rose 54 percent from a year earlier to 8.65 billion yuan ($1.4 billion) last year, compared with the 9 billion yuan average of 16 analyst estimates compiled by Bloomberg. The company had forecast a 50 percent to 60 percent increase in profit.

Zijin Mining Group Co. (601899) (601899 CH), China’s largest gold producer, lost 2.6 percent to 4.10 yuan. Net income climbed 18 percent to 5.71 billion yuan. The company forecast a profit of 5.8 billion yuan for 2011 on Feb. 3.

--Zhang Shidong. Editor: Allen Wan

To contact Bloomberg News staff for this story: Zhang Shidong in Shanghai at szhang5@bloomberg.net

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


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