Bloomberg News

China Stocks: China Shipping, Chongqing Three Georges, FAW Car

April 11, 2012

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

The Shanghai Composite Index (SHCOMP), which tracks the bigger of China’s stock exchanges, rose 3.06 points, or 0.1 percent, to 2,308.93, the highest close since March 27. The CSI 300 Index (SHSZ300) gained less than 0.1 percent to 2,520.04.

Automakers: FAW Car Co. (000800) (000800 CH), which makes passenger cars in China with Volkswagen AG, gained 2.9 percent to 10.96 yuan. Jiangling Motors Corp. (000550 CH), the Chinese commercial vehicle partner of Ford Motor Co., climbed 1.9 percent to 22.07 yuan. BYD Co. (002594 CH), the automaker part-owned by Warren Buffett’s Berkshire Hathaway Inc., jumped 6.5 percent to 30.60 yuan.

China’s passenger-car sales grew 4.5 percent in March, beating analyst estimates, the China Association of Automobile Manufacturers said today in a statement after the market closed. Sales were forecast to increase 3.9 percent, according to the average estimate of eight analysts in a Bloomberg survey.

Chongqing-based companies: Chongqing Three Gorges Water Conservancy and Electric Power Co. (600116 CH) lost 1.6 percent to 14.39 yuan. Chongqing Brewery Co. (600132) (600132 CH) slid 0.9 percent to 28.09 yuan.

Bo Xilai, the former top official in the southwestern municipality, was suspended from his Communist Party posts, the Xinhua News Agency reported late yesterday. Gu Kailai, Bo’s wife, and a domestic helper are “highly suspected” of killing British businessman Neil Heywood, who died in Chongqing in November, Xinhua said.

China Shipping Development Co. (600026) (600026 CH), a unit of China’s second-biggest sea-cargo group, fell 1.2 percent to 6.01 yuan. China Shipping probably slumped to a first-quarter loss because “insufficient” demand and excess global capacity caused a decline in rates, the company said in a statement yesterday.

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


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus