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January 11, 2018

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Shares hit 9-day rising stretch

SHANGHAI shares notched a nine-day rising streak yesterday, helped by bank and oil companies.

The Shanghai Composite Index gained 0.23 percent to 3,421.83 points.

Industrial Bank Co rose 5.82 percent to 18.18 yuan (US$2.79) and China Construction Bank Corp added 2.91 percent to 7.78 yuan.

Banking shares climbed amid expectations of liquidity being loosened as “the central bank shows few signs of raising interest rates,” said Kang Shuiyue, an analyst at Sun Investments, a domestic asset management company.

Oil giants were lifted by surging crude prices, given that Brent crude closed at US$68.82 per barrel yesterday, the highest level since December 2014.

PetroChina Co gained 2.82 percent to 8.75 yuan while China Petroleum & Chemical Corp rose 2.14 percent to 7.15 yuan.

Oil prices rallied amid political turmoil in oil producer Iran, and shrinking crude inventory in the US, said Luo Libo and Wang Ke, analysts at GF Securities.

They added the continuous output cuts among members of the Organization of the Petroleum Exporting Countries would further raise crude prices in the coming days.


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