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Shanghai market higher, helped by oil firms, shipbuilders
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SHANGHAI stocks inched up this morning, boosted by heavyweight oil companies and manufactures. The benchmark Shanghai Composite Index rose 0.56 percent, or 11.53 points, to 2,052.78. Turnover was 61.1 billion yuan (US$10 billion) by midday.
“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.
Heavyweight oil companies gained. China Petroleum & Chemical Corp (Sinopec) climbed 5.5 percent to 5.35 yuan after the oil giant said it would soon release a restructuring plan. Sinopec Shanghai Petrochemical Co Ltd gained 4.6 percent to 3.64 yuan. PetroChina Co Ltd added 2.5 percent to 7.74 yuan.
The Shanghai Stock Exchange said yesterday it would improve the trading system for blue-chip shares and is considering creating a high-yield blue-chip board to revitalize blue-chip stocks.
Ship manufacturers also advanced. China CSSC Holdings Ltd, the listed unit of China’s largest shipbuilding conglomerate, added 3 percent to 21.55 yuan. Guangzhou Shipyard International Co Ltd gained 3.4 percent to 18.08 yuan. Asian Star Anchor Chain Co Ltd increased 4.9 percent to 6.81 yuan.
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