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Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses and prices are as of the close in Shanghai.
The Shanghai Composite Index (SHCOMP), which tracks the bigger of China’s stock exchanges, fell 0.3 percent to 2,164.44. The CSI 300 Index (SHSZ300) lost 0.4 percent to 2,406.71.
Airlines: Air China Ltd. (601111) (601111 CH), the largest international carrier, rose 2.4 percent to 6.35 yuan. China Eastern Airlines Co. (600029) (600115 CH), the second-biggest domestic carrier, advanced 2.6 percent to 4.35 yuan. China will lower fuel prices tomorrow, the first day of the adjustment window period, Zhou Wangjun, deputy director of the pricing department at the National Development and Reform Commission told state television.
Property developers: Poly Real Estate Group Co. (600048) (600048 CH) lost 3.6 percent to 12.53 yuan, the lowest since June 25, after the second-biggest Chinese developer said it expects first-half net profit to fall 12 percent to 2.46 billion yuan.
Gemdale Corp. (600383) (600383 CH) retreated 1.6 percent to 6.84 yuan. China Vanke Co. (000002) (000002 CH), the largest developer, fell 1.2 percent to 9.54 yuan. China’s housing ministry plans to hold local governments more accountable for easing property market curbs, 21st Century Business Herald reported today, citing an unidentified person close to the ministry. The government should tighten home purchase restrictions and ask local authorities to implement curbs more strictly, the newspaper cited Yang Hongxu, deputy head of E-House China R&D Institute, as saying.
PetroChina Co. (601857) (601857 CH), the biggest energy producer, rose 1.1 percent to 8.96 yuan, the most in two months.
“PetroChina fell to a record low yesterday. Investors are taking this opportunity to buy up the stock, hence the rebound,” said Li Xin, an analyst at Masterlink in Shanghai. The stock trades at 11.5 times estimated earnings, compared with the five-year average of 17.1 and the record low of 10.89, according to data compiled by Bloomberg.
ZTE Corp. (000063) (000063 CH), China’s second-biggest maker of telecommunications equipment, tumbled 5.5 percent to 13.05 yuan, the lowest level since March 2009.
China is said to plan retaliation if the European Union investigates government subsidies to ZTE and Huawei Technologies Co., the Financial Times reported yesterday, citing a person briefed on the meeting. Both companies have denied receiving any improper subsidies, the FT reported.
“ZTE has sales exposure in the EU,” Leping Huang, analyst at Nomura International Hong Kong Ltd., said in a telephone interview. “All major stakeholders including Ericsson and Nokia don’t want the EU to go through with this. No one benefits.”
-- Editor: Allen Wan
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