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January 25, 2017

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Shares energized to close up

SHANGHAI stocks rose yesterday, led by heavyweights such as energy companies.

The Shanghai Composite Index added 0.18 percent to 3,142.55 points.

PetroChina Co gained 2.82 percent to 8.76 yuan (US$1.28), a 13-month high, after the country’s top oil producer said the first electricity sales company set up by PetroChina’s parent China National Petroleum Corp has been awarded a business license by the central government. It will allow CNPC’s Daqing Oilfield to enjoy lower electricity prices, which is set to save the firm 130 million yuan in annual power expenses.

Coal firms also rose after the China National Coal Association said profits of major coal firms surged 156.9 percent year on year to 85 billion yuan in the first 11 months of last year.


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