Oil shares lubricate key index to climb
Print Edition
SHANGHAI stocks rose yesterday, helped by oil companies which were lifted by rebounding crude prices, as well as China’s push for supply-side reform.
The Shanghai Composite Index ended 0.75 percent higher at 2,938.51 points, narrowing from a gain of 1.3 percent in the morning.
The market is likely to stabilize and may even stage a technical rebound in the near term, Hong Hao, chief strategist at BOCOM International, said in a report yesterday.
Oil stocks led the market up as crude prices continued to rally after plunging about 70 percent from a peak in June 2014. Sinopec Oilfield Service Corp surged 6.6 percent to 6.61 yuan (US$1.01). PetroChina Co, China’s largest oil and gas producer, gained 1.4 percent to 7.43 yuan.
China also aims to further trim crude steel output capacity by 150 million tons as well as cut coal output as the country promotes supply-side reform, a statement on the central government’s website said on Sunday.
Shanxi Lu’an Environmental Energy Development Co rose 6.8 percent to 6.91 yuan, and Hang Zhou Iron and Steel Co gained 3.6 percent to close at 6.65 yuan.
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