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Shanghai market higher on rising energy stocks
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SHANGHAI stocks extended gains this morning as oil and coal shares advanced even though preliminary data showed China’s manufacturing activity may have slowed to a seven-month low in February.
The benchmark Shanghai Composite Index rose 0.67 percent, or 14.28 points, to 2,156.83. Turnover was 77.9 billion yuan (US$12.8 billion) by midday.
HSBC’s Flash China Purchasing Managers’ Index, the earliest indicator of manufacturing activity, fell in February to 48.3, down from 49.5 in January and the lowest in seven months, HSBC Holdings PLC said today.
A reading of 50 or higher indicates expansion while a reading below 50 means contraction.
Analysts attributed the decline to seasonal factors such as production suspension during the Spring Festival holiday.
China Petroleum & Chemical Corp (Sinopec) surged by the daily limit of 10 percent to 5.17 yuan, after the country’s biggest oil refiner said it would open its oil retail business to private investors, the latest move underscoring the central government’s pledge to reform state-owned enterprises.
PetroChina Co Ltd also jumped 4.9 percent to 8 yuan. Sinopec Shanghai Petrochemical Co Ltd soared 10 percent to 3.85 yuan.
Coal miners also rose. Wintime Energy Co Ltd added 4.6 percent to 5.19 yuan. Shanxi Coal International Energy Group Co Ltd gained 2.4 percent to 4.36 yuan.
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