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Shanghai shares rebound on gains of oil firms, automakers
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SHANGHAI stocks rallied today, bucking a four-day losing trend, as oil companies gained. Automakers also rose after the Chinese military was ordered to procure only domestic auto products.
The benchmark Shanghai Composite Index climbed 0.86 percent, or 17.28 points, to 2,026.84. Daily turnover stood at 56.7 billion yuan (US$9.3 billion).
China Petroleum & Chemical Corp (Sinopec) rose 2.5 percent to 4.59 yuan after the country’s biggest oil refiner said it will compensate for losses caused by deadly pipeline blasts in the port city of Qingdao in November.
A report by the State Council, China’s cabinet, showed the accident caused a direct economic loss of 751.72 million yuan. Analysts said the compensation would have no substantial impact on Sinopec’s operation.
“Investor sentiment has recovered a little bit but it is hard for the market to shed the gloom in the short term,” said Shenyin & Wanguo Securities. “Auto shares got a boost from news that China has ordered its military to purchase only domestically-made vehicles.
Shenyang Jinbei Automotive Co Ltd surged by the daily limit of 10 percent to 2.86 yuan. Dongfeng Automobile Co Ltd jumped 7 percent to 2.89 yuan. Anhui Jianghuai Automobile Co Ltd gained 4.2 percent to 7.90 yuan.
The Shanghai bourse was also buoyed up by the China Securities Regulatory Commission which tightened supervision of initial public offerings to rein in soaring issuance prices and stabilize the stock market, CITIC Securities said in a report.
The regulator said on Sunday that it will conduct random checks on IPO quotations and road shows. Companies planning to sell shares with price-to-earnings ratio higher than their peers must delay their IPOs by three weeks, it said.
As of today, six companies have postponed their IPOs.
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