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Shanghai index up 0.3% as oil giants optimistic about reform
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Shanghai stocks recovered for a second day, boosted by heavyweight oil companies amid optimism that they will benefit from the reform of state-owned enterprises.
The benchmark Shanghai Composite Index rose 0.30 percent, or 6.10 points, to 2,047.35. Turnover was 112.9 billion yuan (US$18.5 billion) today.
“A technical rebound is lifting the index,” Tongxin Securities said. “Expectations for reforms also boosted the market ahead of the opening of two key policy meetings next week,” said the brokerage.
China Petroleum & Chemical Corp, known as Sinopec, jumped 6.7 percent to 5.41 yuan after the oil giant said it would soon release a restructuring plan.
The state-controlled refiner last week said it plans to divest up to 30 percent of its fuel marketing segment to private investors as part of a multibillion-dollar restructuring.
Goldman Sachs Group Inc upgraded its rating on Hong Kong-listed Sinopec shares. Citigroup Inc also boosted its price forecast for Sinopec shares.
Sinopec Shanghai Petrochemical Co Ltd also surged 7.5 percent to 3.74 yuan. PetroChina Co Ltd added 2.5 percent to 7.74 yuan.
Founder Securities gained 2 percent to 5.19 yuan after it said in a filing to the Shanghai bourse that it would purchase China Minzu Securities in an attempt to expand business scope and boost profitability.
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