China Stocks: ICBC, Industrial Bank, Inner Mongolia Yili
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 0.5 percent to 2,306.85. The CSI 300 Index (SHSZ300) gained 0.3 percent to 2,568.05.
Banking stocks: Industrial Bank Co. (601166) (601166 CH), part-owned by a unit of HSBC Holdings Plc, jumped 4.1 percent to 12.95 yuan. Huaxia Bank Co. (600015 CH), partly owned by Deutsche Bank AG, added 3.6 percent to 9.50 yuan. Industrial & Commercial Bank of China Ltd. (601398) (601398 CH), the nation’s biggest listed lender, rose 0.8 percent to 3.98 yuan.
“The market perceives a reserve-requirement ratio cut is likely given the weak momentum of the economy,” Dai Ming, a fund manager at Shanghai Kingsun Investment Management & Consulting Co., said by phone. “Banking stocks are pretty cheap and there’s no room for their stocks to drop further.”
Inner Mongolia Yili Industrial Group Co. (600887) (600887 CH), China’s biggest dairy producer by sales, tumbled by the 10 percent daily limit to 21.85 yuan. The company said on its website it recalled some baby formula after finding “abnormal” levels of mercury in some of its products.
--Zhang Shidong. Editor: Allen Wan
To contact Bloomberg News staff for this story: Zhang Shidong in Shanghai atszhang5@bloomberg.net
To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net
The Shanghai Composite Index (SHCOMP), which tracks the bigger of China’s stock exchanges, rose 0.5 percent to 2,306.85. The CSI 300 Index (SHSZ300) gained 0.3 percent to 2,568.05.
Banking stocks: Industrial Bank Co. (601166) (601166 CH), part-owned by a unit of HSBC Holdings Plc, jumped 4.1 percent to 12.95 yuan. Huaxia Bank Co. (600015 CH), partly owned by Deutsche Bank AG, added 3.6 percent to 9.50 yuan. Industrial & Commercial Bank of China Ltd. (601398) (601398 CH), the nation’s biggest listed lender, rose 0.8 percent to 3.98 yuan.
“The market perceives a reserve-requirement ratio cut is likely given the weak momentum of the economy,” Dai Ming, a fund manager at Shanghai Kingsun Investment Management & Consulting Co., said by phone. “Banking stocks are pretty cheap and there’s no room for their stocks to drop further.”
Inner Mongolia Yili Industrial Group Co. (600887) (600887 CH), China’s biggest dairy producer by sales, tumbled by the 10 percent daily limit to 21.85 yuan. The company said on its website it recalled some baby formula after finding “abnormal” levels of mercury in some of its products.
--Zhang Shidong. Editor: Allen Wan
To contact Bloomberg News staff for this story: Zhang Shidong in Shanghai atszhang5@bloomberg.net
To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net
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