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Stocks inch higher in morning trading
By Feng Jianmin |
June 27, 2013, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks rose in the morning session today after China reported better than expected industrial profits.
The benchmark Shanghai Composite Index edged up 0.4 percent in morning trading to 1,959.25 points.
Industrial profits increased 15.5 percent from a year earlier in May, compared with a 9.3 percent pace in April and 5.3 percent in May. The profits totaled 470.5 billion yuan (US$75.8 billion) last month, the National Bureau of Statistics said in a statement today.
The power generation, auto, information technology and oil refinery sectors account for 98.5 percent of the total profits, said Yu Jianxun, a researcher at the bureau's industrial department.
China Petroleum & Chemical Corp, the country's largest oil refiner, rose 0.5 percent to 4.12 yuan. Market heavyweight PetroChina, the country's largest oil and gas producer and distributor, increased 0.4 percent to 7.34 yuan.
Banks also rebounded from recent loses. Ping An Bank Co was up 0.7 percent to 9.83 yuan. Industrial and Commercial Bank of China added 1 percent to 3.78 yuan.
The benchmark Shanghai Composite Index edged up 0.4 percent in morning trading to 1,959.25 points.
Industrial profits increased 15.5 percent from a year earlier in May, compared with a 9.3 percent pace in April and 5.3 percent in May. The profits totaled 470.5 billion yuan (US$75.8 billion) last month, the National Bureau of Statistics said in a statement today.
The power generation, auto, information technology and oil refinery sectors account for 98.5 percent of the total profits, said Yu Jianxun, a researcher at the bureau's industrial department.
China Petroleum & Chemical Corp, the country's largest oil refiner, rose 0.5 percent to 4.12 yuan. Market heavyweight PetroChina, the country's largest oil and gas producer and distributor, increased 0.4 percent to 7.34 yuan.
Banks also rebounded from recent loses. Ping An Bank Co was up 0.7 percent to 9.83 yuan. Industrial and Commercial Bank of China added 1 percent to 3.78 yuan.
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