China Stocks: China First Heavy, Poly Real Estate, Vanke

Author: Spencer Ogden
Date posted18/Jan/2012
Author: Spencer Ogden

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, fell 31.99 points, or 1.4 percent, to 2,266.38. The CSI 300 Index declined 1.6 percent to 2,422.19.

Nuclear power equipment stocks: China First Heavy Industries Co. (601106) (601106 CH), which derived 16 percent of revenues from nuclear power facilities in 2010, jumped 3.9 percent to 3.45 yuan. China Erzhong Group Deyang Heavy Industries Co. (601268 CH), an equipment supplier to power producers, added 3 percent to 6.87 yuan.

China may resume approvals of new atomic power stations in the second quarter after the completion of a government safety review. The National Energy Administration has almost finished revising its plan for the long-term development of the nuclear industry, and the State Council, or Cabinet, may approve it in the second quarter, Li Yongjiang, vice president of the China Nuclear Energy Association, said by telephone from Beijing today.

Property stocks: China Vanke Co. (0000002) (000002 CH), the nation’s biggest listed property developer, fell 0.9 percent to 7.51 yuan. Poly Real Estate Group Co. (600048 CH), the second largest, lost 2.2 percent to 10.l2 yuan. RiseSun Real Estate Development Co. (002146) (002146 CH) fell 1.3 percent to 8.60 yuan.

Home prices in 52 of 70 cities monitored by the government declined from the previous month, the National Statistics Bureau said in a statement on its website today. New home prices in the nation’s four major cities of Shanghai, Beijing, Shenzhen and Guangzhou declined for a third month, it said.