Shares snap 4-day losing streak
Print Edition
SHANGHAI stocks edged up yesterday and ended a losing streak of four days, helped by blue-chip oil stocks as well as automakers after the Chinese military was ordered to buy home-made vehicles.
The Shanghai Composite Index added 0.86 percent, or 17.28 points, to 2,026.84.
China Petroleum and Chemical Corp, also known as Sinopec, added 2.5 percent to 4.59 yuan (76 US cents), after the country’s largest oil refiner said it will compensate for the loss due to a fatal accident in Qingdao in November.
The State Council’s report showed the pipeline explosion cause a direct economic loss of 751.72 million yuan. Analysts, however, said the compensation is unlikely to have a material impact on Sinopec’s operation.
The news that the Chinese military has been ordered to choose domestic vehicle brands boosted automakers, said Shenyin Wanguo Securities.
Shenyang Jinbei Automotive Co surged by the daily limit of 10 percent to 2.86 yuan. Dongfeng Automobile Co jumped 7 percent to 2.89 yuan.
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