Bloomberg News

China Stock Movers: Kangmei, Offshore Oil Engineering, Poly Real

June 27, 2012

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

The Shanghai Composite Index (SHCOMP), which tracks the bigger of China’s stock exchanges, fell 0.2 percent to 2,216.93, a sixth day of losses that’s the longest longest streak since Dec. 15. The CSI 300 Index (SHSZ300) retreated 0.3 percent to 2,447.20.

Offshore Oil Engineering Co. (600583) (600583 CH) surged 7.6 percent to 5.97 yuan, the biggest advance since Oct. 12. China Oilfield Services Ltd. (601808) (601808 CH) climbed 6.1 percent to 16.28 yuan, poised for the biggest increase since Oct. 12.

Cnooc Ltd.’s invitation for international bids for nine South China Sea oil blocks will benefit Chinese oilfield companies by expanding their business prospects, Xu Ying, analyst at CSC International Holdings Ltd., said in a phone interview in Shanghai.

Health-care stocks: Kangmei Pharmaceutical Co. (600518) (600518 CH), a medicine producer, jumped 5.8 percent to 14.92 yuan, the biggest jump since Nov. 29, 2010. Yunnan Baiyao Group Co. (000538) (000638 CH), a maker of traditional Chinese medicine, increased 1 percent to 56.86 yuan. Investors expect Chinese health-care companies to report improving sales in June, said Yang Ying, analyst at Tebon Securities Co.

Real estate: Poly Real Estate Group Co. (600048) (600048 CH), China’s second-largest developer by market value, climbed 1.6 percent to 11.42 yuan. China Merchants Property Development Co. (000024) (000024 CH) rose 1.4 percent to 24.80 yuan.

Shanghai hasn’t issued any new property policies, an official at Shanghai Municipal Housing Support and Building Administration Bureau, said in a phone interview, declining to be identified according to the bureau’s policy. China Business News reported the city has banned non-local single residents from buying homes.

Shanxi Coal International Energy Group Co. (600546) (600546 CH) lost 7.7 percent to 21.33 yuan, the lowest close since Aug. 23, 2010. The coal producer’s board approved Du Jianhua’s resignation as chairman.

-- Editor: Darren Boey

To contact the reporter on this story: Weiyi Lim in Singapore at wlim26@bloomberg.net

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


American Apparel's Future
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus