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Stocks are set for record close

(Shanghai Daily)
Updated: 2007-03-27 14:30

Pudong Bank, the Chinese partner of Citigroup Inc., dropped 0.53 yuan, or 2.1 percent, to 25.30 yuan. The stock had its rating cut to "Neutral 1'' from "Buy 1" by UBS, as the current share price has already reflected all the positive factors.

"After a rise of 142 percent in 6 months, we now think the stock is fairly priced," said analysts Victor Wang and Sally Ng in a report.

Industrial & CommercialBank of ChinaLtd, the nation's biggest listed lender, lost 0.04 yuan, or 0.8 percent, to 5.15 yuan.

China Minsheng Banking Corp., the nation's first privately controlled lender, slipped 0.10 yuan, or 0.8 percent, to 11.78 yuan.

"Banks are too expensive now," said Chen of GF Fund Management. "The shares won't rise further unless some surprisingly good profits are reported."

The following stocks rose or fell and the stock symbols are in brackets after companies' names.

Huadian Power International Corp (600027 CH), the country's third-largest publicly traded power producer, added 0.04 yuan, or 0.7 percent, to 5.74 yuan. The company said installed generation capacity may rise 76 percent to 26,000 megawatts by 2010 as it expands to meet rising energy demand. The company plans to add nuclear, coal-fired and hydro power plants in eight provinces, Managing Director Chen Jianhua told reporters inHong Kongyesterday.

Huaxia Bank Co (600015 CH), partly owned by Deutsche Bank AG, rose 0.12 yuan, or 1.2 percent, to 10.36 yuan. The company said its 2007 pretax profit may rise by 22 percent, as a booming economy boosts demand for loans and other financial services.

Income before taxes may rise to 2.95 billion yuan, from 2.41 billion yuan in 2006, the Beijing-based lender said in a statement.

Ningbo Bird Co (600130 CH), China's second-biggest mobile-phone maker, gained 0.07 yuan, or 1.1 percent, to 6.20 yuan. The company posted a profit for 2006, compared with a year-earlier loss, after the company cut expenses. Net income was 30.6 million yuan, compared with a net loss of 471.2 million yuan a year earlier, said the company.