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Oil firms fuel rise in index for 2nd day
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Shanghai stocks yesterday recovered for a second day, helped by heavyweight oil companies which hoped to benefit from market-oriented reforms.
The Shanghai Composite Index rose 0.30 percent, or 6.10 points, to 2,047.35.
China Petroleum & Chemical Corp, known as Sinopec, jumped 6.7 percent to 5.41 yuan (87 US cents) after the state-controlled refiner said it would soon release a restructuring plan.
It said last week that it plans to divest up to 30 percent of its fuel marketing operation to the private sector as part of a multibillion-dollar restructuring effort.
Goldman Sachs Group Inc upgraded its rating for Sinopec’s Hong Kong-listed shares while Citigroup Inc also lifted the firm’s price forecast from HK$7.20 (93 US cents) to HK$7.87.
“China’s two largest oil refiners are significantly undervalued compared with international oil firms due to non-market-oriented operation and pricing,” Shenyin & Wanguo Securities said in a note yesterday. “Reforms would help them to remove obstacles and boost profitability.”
Sinopec Shanghai Petrochemical Co gained 7.5 percent to 3.74 yuan. PetroChina Co added 2.5 percent to 7.74 yuan.
Investor “expectations for reforms also boosted the market ahead of the opening of two key policy meetings next week” in Beijing, according to Tongxin Securities yesterday.
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