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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, rose 0.7 percent to 2,184.84, its biggest gain in almost two weeks. The CSI 300 Index (SHSZ300) gained 0.4 percent to 2,424.32.
Insurance stocks: China Life Insurance Co. (601628) (601628 CH), the nation’s biggest insurer, jumped 5.6 percent to 20 yuan, its highest close since May 2011. Ping An Insurance (Group) Co. (601318 CH), the second biggest, rose 3.7 percent to 45.94 yuan. New China Life Insurance Co. (601336 CH), the third biggest, surged 4.9 percent to 34.58 yuan.
The China Insurance Regulatory Commission is expected to boost the development of life and health insurance businesses to bolster industry, Yang Jianhai, an analyst at Essence Securities Co., wrote in a report today. The two businesses will bring “substantial” premium incomes to insurers, according to the report.
Machinery stocks: China First Heavy Industries Co. (601106) (601106 CH), a maker of equipment used in the mining and energy industries, jumped 2.6 percent to 3.11 yuan. Sany Heavy Industry Co. (600031 CH), the biggest Chinese machinery maker, gained 1.3 percent to 12.11 yuan. Increasing new lending will boost demand for machinery.
China’s July new lending may rise to 1 trillion yuan ($157 billion), Zhang Zhiwei, an economist at Nomura Holdings Inc., wrote in a note today. The four big banks made about 50 billion yuan of new loans in the first half of this month, twice as much as the same period in June, the Shanghai Securities News reported today. New lending was 919.8 billion yuan in June.
Shanghai Jinjiang International Travel Co. (900929) (900929), a travel agency, rose 2.7 percent to $1.10 for its U.S. dollar- denominated B shares. First-half profit jumped 98 percent from a year earlier to 23.1 million yuan as outbound travel grew, the company said in a statement yesterday.
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