Bloomberg News

China Stocks: Mongolia Baotou, Rising Nonferrous, Xiamen Port

June 28, 2012

Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses at the close local-time break.

The Shanghai Composite Index (SHCOMP), which tracks the bigger of China’s stock exchanges, fell 1 percent to 2,195.84. The CSI 300 Index (SHSZ300) sank 0.9 percent to 2,425.73.

Power-equipment producers: Dongfang Electric Corp. (600875 CH), China’s second-biggest maker of power equipment, tumbled 9.3 percent to 17.63 yuan, the lowest close since April 8, 2009. Shanghai Electric Group Co. (601727) (601727 CH), China’s largest maker of power equipment, lost 4.6 percent to 4.61 yuan, a record low.

China’s economy is still slowing, resulting in weaker demand for industrial products, Zhang Yuande, analyst at Founder Securities Co., said in phone interview from Beijing.

Rare-earth mineral producers: The U.S., Europe and Japan asked the World Trade Organization to resolve disputes over China’s limits on exports of rare-earths materials.

Inner Mongolia Baotou Steel Rare Earth Hi-Tech Co. (600111) (600111 CH) lost 5.5 percent to 37.95 yuan, the biggest drop since March 22. Rising Nonferrous Metals Share Co. (600259) (600259 CH) slid 3.8 percent to 62.35 yuan, the lowest close since May 7.

Xiamen Port Development Co. (000905) (000905 CH) surged 10 percent to 6.41 yuan, the highest close since March 13. The company’s parent, Xiamen International Port Co., said yesterday the government will pay compensation for taking over parcels of land for public development.

-- Editor: Richard Frost

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


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