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Power stocks fuel Shanghai market rally
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Shanghai stocks rallied this morning as electricity companies surged on expectations that the government may introduce market-oriented reform to the sector.
The key Shanghai Composite Index gained 0.76 percent, or 16.21 points, to 2,145.07. Turnover was 51.2 billion yuan (US$8.4 billion) by the noon break.
GD Power Development Co, a subsidiary of the state-owned China Guodian Corp, rose 4.8 percent to 2.61 yuan. SDIC Power Holdings Co Ltd surged 8.5 percent to 4.36 yuan. Sichuan Mingxing Electric Power Co leaped by the daily limit of 10 percent to 9.41 yuan.
The State Council’s Development Research Center made a proposal on reforms in eight areas including breaking the state monopoly of the power industry and bringing in market competition.
China International Capital Corp Ltd said in a report that a price bidding mechanism may be introduced and will benefit electricity companies with a cost advantage.
Oil providers also gained as The China Securities Journal said the government may open the sector to private investment as part of the reform plan at the upcoming plenum of the Communist Party of China Central Committee.
China Petroleum & Chemical Corp advanced 3 percent to 4.47 yuan. PetroChina Co Ltd added 2 percen to 7.76 yuan. Offshore Oil Engineering Co gained 2.3 percent to 8 yuan.
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