Chinalco, Jiangxi Copper, Huaneng Power Rise

123jump.com Staff
21 Apr, 2010
New York City

The market indexes in China region closed mixed ahead of earnings season. Chinalco swung to net profit in the latest quarter and Huaneng Power first quarter net profits soared 41%. The IMF urged China to let its currency appreciate to control property market bubble.

[R]10:00 PM Hong Kong, China – The market indexes in China region closed mixed ahead of earnings season. Chinalco swung to net profit in the latest quarter and Huaneng Power first quarter net profits soared 41%. The IMF urged China to let its currency appreciate to control property market bubble.[/R]

The benchmark indexes in Shanghai and Hong Kong closed mixed as investors digest the possibility of the yuan revaluation as early as next month. The elevated property prices have been a concern of investors and regulators and the recent measures to curb speculation in real estate markets may not be adequate.

Hang Seng index in Hong Kong decreased 112.45 or 0.52% to 21,510.93 and CSI 300 index in China higher 63.30 or 1.99% to 3,236.68.

The International Monetary Fund in its semiannual World Economic Outlook said that stronger yuan will help the nation to cool rising real estate prices. The multilateral agency controlled by the U.S. and European nations urged Chinese government to let the currency “appreciate” and control the growth.

Jiangxi Copper Co. reported first quarter net soared to 697.5 million yuan or 0.21 yuan per share compared to 151.8 million yuan or 0.05 yuan per share. Sales surged 50% to 15.9 billion yuan from 9.89 billion yuan in the quarter a year ago.

Shanghai Movers

Aluminum Corporation of China Limited added 0.8% to 12.43 after the producer of the metal reported first quarter net income of 627 million yuan compared to net loss of 1.9 billion yuan a year ago.

China Eastern Airlines Corporation Limited advanced 4.2% to 9.30 yuan after the carrier carried 44 million passengers in 2009, 18.3% more than in 2008.

Huaneng Power International, Inc climbed 3.0% to 7.14 yuan after the generator’s unit said first quarter net profit surged 40.9% to 952.82 million yuan.

Maanshan Iron & Steel Company Limited the steelmaker rose 1.7% to 4.02 yuan.

PetroChina Company Limited rose 1.1% to 12.56 yuan after the parent company China National Petroleum Corp, announced that it has successfully completed the early stages of the construction of Changqing Oilfield Natural Gas Storage Project, which is expected to be the largest underground natural gas storage project in China.

Zijin Mining Group Co., Ltd rose 0.9% to 8.54 yuan after the gold producer has put its acquisition of Indophil Resources on hold according to a report published by Securities Times.

HK Movers

Bank of China Limited fell 1.2% to HK$4.06.

China Mobile Limited dropped 1.5% to HK$78.95 after the wireless carrier reported flat earnings and a decline in average revenues per subscriber.

Jiangxi Copper increased 1.9% to HK$17.50 and added 1.4% to 35.78 yuan ahead of earnings release.