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Shanghai shares ended almost flat in morning secession
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China’s key stock index swung between gains and losses on Tuesday morning, with Sinopec Corp remaining hit hard by last Friday’s explosion accident at one of its pipelines.
The benchmark Shanghai Composite Index was up 0.01 percent to 2,186.40 at the 11:30am noon break, moving between 2,176.18 and 2,192.58.
Sinopec fell 1.44 percent after the government said seven company employees were detained by police for their role in the pipeline explosions in Qingdao that killed at least 55 people. Asia’s largest refiner fell as much as 2.47 percent at one stage.
Companies based in Ningbo rose for a second day after the Shanghai Securities News reported on Monday that the State Council has approved a free trade zone in the eastern city near Shanghai. Both Ningbo Marine Co and Ningbo Fuda Co both surged by their maximum allowable 10 percent in the morning session.
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