Oil companies lead rally in volatile trade
Print Edition
SHANGHAI shares rose in volatile trade yesterday as investors waited for the government’s next move to boost the market.
The Shanghai Composite Index added 0.88 percent to 3,992.11 points, with China’s biggest oil producer PetroChina Co surging 4.25 percent. The country’s largest oil refiner China Petroleum and Chemical Corp added 0.85 percent.
China Avic Electronics Co jumped 10 percent of the daily limit to 32.54 yuan (US$5.24).
Jiangxi Lianchuang Optoelectronic Science and Technology Co also rose by the 10 percent daily limit to 13.18 yuan.
The gauge dropped to 3,927.12 points in the morning session after Caijing magazine reported that the China Securities Regulatory Commission planned to withdraw funds from the market, but rebounded later after the regulator dismissed the report.
“Investors are piling into small caps as they are likely to do better,” said Wu Kan, a fund manager at Dragon Life Insurance Co.
“It looks like the rebound has more legs as confidence seems to have partially recovered.”
A total of 576 companies remained suspended, or 20 percent of the total listings, down from 635 on Friday.
The Shanghai benchmark index has rebounded 13.8 percent from July 8, following a monthlong rout that wiped out nearly US$4 trillion.
Caijing also reported last week that China Securities Finance Corp, a state-backed agency that provides margin finance and liquidity to the market, had prepared about 2.6 trillion yuan funds to support the stocks.
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