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Energy chips help ease loss on Shanghai index
By Lydia Chen |
May 27, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI stock market posted a smaller fall in the morning session following a six-day losing streak thanks to strong performances by blue chips in energy and financial sectors.
The Shanghai Composite Index dipped 0.1 percent to 2,733.92. But turnover remained thin at 55.19 billion yuan (US$8.5 billion), indicating investors' reluctance to bet their money in the stock market.
Market heavyweights in energy industries such as coal producers were bolstered by government supportive policies while PetroChina rallied after its parent company said it has raised its stake in the country's largest oil producer.
PetroChina jumped 1.38 percent to 11.03 yuan. Shares in the company have fallen more than 7 percent in the past month.
PetroChina Co Ltd said late yesterday that its parent China National Petroleum Corp has raised its stake in the firm by about 0.2 percent and has stated its intention to increase it further by up to 2 percent.
The state-owned CNPC, in an apparent move to bolster prices, on Wednesday bought 31.1 million yuan-denominated shares, equivalent to a 0.017 percent stake, to increase its share holding in the firm to 86.3 percent.
CNPC intends to continue to increase its share holding in PetroChina in the secondary market within 12 months by up to 2 percent and will not sell any stock over the period, PetroChina said.
Coal producers were top gainers in the morning session after China released its development plan for coal industry in the next five years, intending to expand the industry in the country's vast western region, especially in the Inner Mongolia Autonomous Region.
Yanzhou Coal Mining Co climbed 3.44 percent to 33.04 yuan.
The Shanghai Composite Index dipped 0.1 percent to 2,733.92. But turnover remained thin at 55.19 billion yuan (US$8.5 billion), indicating investors' reluctance to bet their money in the stock market.
Market heavyweights in energy industries such as coal producers were bolstered by government supportive policies while PetroChina rallied after its parent company said it has raised its stake in the country's largest oil producer.
PetroChina jumped 1.38 percent to 11.03 yuan. Shares in the company have fallen more than 7 percent in the past month.
PetroChina Co Ltd said late yesterday that its parent China National Petroleum Corp has raised its stake in the firm by about 0.2 percent and has stated its intention to increase it further by up to 2 percent.
The state-owned CNPC, in an apparent move to bolster prices, on Wednesday bought 31.1 million yuan-denominated shares, equivalent to a 0.017 percent stake, to increase its share holding in the firm to 86.3 percent.
CNPC intends to continue to increase its share holding in PetroChina in the secondary market within 12 months by up to 2 percent and will not sell any stock over the period, PetroChina said.
Coal producers were top gainers in the morning session after China released its development plan for coal industry in the next five years, intending to expand the industry in the country's vast western region, especially in the Inner Mongolia Autonomous Region.
Yanzhou Coal Mining Co climbed 3.44 percent to 33.04 yuan.
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