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Shanghai Composite up 1.48%, helped by power firms
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Shanghai stocks rallied today as electricity companies surged on expectations that the government may introduce market-oriented reform to the sector while oil shares gained a boost from robust earnings.
The key Shanghai Composite Index rose 1.48 percent, or 31.60 points, to 2,160.46. Turnover was 95.2 billion yuan (US$15.6 billion) by the trading close.
“The rally is a technical rebound after continuous declines and high hopes for reforms also drove the index higher,” said Shenyin & Wanguo Securities.
The Development Research Center of the State Council made a proposal on reforms in eight areas including breaking the state monopoly of the power industry to usher in competition.
China International Capital Corp Ltd said in a report that a price bidding mechanism may be introduced and will benefit electricity companies with cost advantages.
GD Power Development Co, a subsidiary of the state-owned China Guodian Corp, rose 5.2 percent to 2.62 yuan. SDIC Power Holdings Co Ltd surged 9.7 percent to 4.41 yuan. Huaneng Power International Inc climbed 5.2 percent to 5.85 yuan.
Oil China Petroleum & Chemical Corp increased 3.5 percent to 4.49 yuan after posting a 23 percent year-on-year growth in net profits in the first nine months. PetroChina Co added 2.2 percent to 7.78 yuan after reporting a 19 percent rise in third-quarter net profits.
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