The headquarters of China's electricity giant Huaneng Group is seen in Beijing in this pic from April 2019. This firm was due to spend 20 billion yuan (US$2.9 billion) building the Tuoba Hydropower Station, a 7-year project on the Lancang River, or Upper Mekong, at that time. Bonds of the utility rose by 0.44% Wednesday. Photo: Su Weizhong / ImagineChina via AFP.

The ATF indices recorded sharp moves on Wednesday, with notable losses in industrial names dragging down the ATF ALLINDEX Enterprise, Financial and the China Bond 50 indices despite strong gains in utilities and financial names.

The ATF ALLINDEX Enterprise gauge dropped 0.03% on Wednesday.

The bonds of Zhuhai Da Heng Qin, a land developer, dropped 1.17%, while Aviation Industry Corporation of China retreated 0.74%. The losses led to a drop of 0.03% in the ATF ALLINDEX Enterprise, even as utilities company China Huaneng climbed 0.44%.

Other gains in the index were recorded in the bonds of Xi’An Hi-tech (0.02%) and Datong Coal Mine (0.02%). Guangzhou Metro group lost 0.03%. 

The ATF ALLINDEX Financials gauge was down 0.01%.

Bank of Communications paper rose 0.74%, and was the only constituent of the ATF ALLINDEX Financials to make a significant gain on Wednesday. Shanghai Pudong Development Bank, Huishang Bank Corporation and GMAC-SAIC Automotive lost 0.12%, 0.02% and 0.18% respectively. The ATF ALLINDEX Financials subindex, thus, closed the day down 0.01%.

The ATF ALLINDEX Corporates gained 0.01%, with small moves recorded in the bonds of Jizhong Energy, which rose 0.02%, and Guangzhou Metro Group, which gained 0.03%, as stated.

The China Bond 50 index retreated 0.02%.

Losses were seen in the bonds of China Development Bank (0.16%) and Export Import Bank of China (0.05%), as well moves in some of the names stated above, which are also constituents of this index, namely: Guangzhou Metro Group (-0.03%), Aviation Industry Corporation of China (-0.74%), Shanghai Pudong Development Bank (-0.12%), Huishang Bank Corporation (-0.02%), China Development Bank (-0.16%), Export-Import Bank of China (-0.05%), China Huaneng Group (+0.44%), Datong Coal Mine (+0.02%), Xi’An  Hi-Tech Holding (+0.02%) and Bank of Communications (+0.74%).

And finally, the ATF Local Governments index rose 0.01%, with all its constituents rising just 0.01%.

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This report appeared first on Asia Times Financial.