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Stocks on rise early as heavy industry, finance firms gain
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SHANGHAI stocks rose in morning trading as heavy industries and financial firms gained while oil producers declined after the fatal pipeline explosions on Friday.
The benchmark Shanghai Composite Index added 0.32 percent, or 7.09 points, to 2,203.47. Half-day turnover was 58.2 billion yuan (US$9.5 billion).
“Market-oriented reforms unveiled last week strengthens investor confidence in economic growth and lays a foundation for a healthy securities market in the long run,” Du Changchun, analyst with Northeast Securities, said in a report today.
The key index advanced 2.84 percent last week, the biggest weekly gain in 10 weeks, after the central government released a sweeping reform plan, pledging to let the market play a decisive role in the economy and encourage private participation in state businesses.
Aircraft manufacturing gained the most. Jiangxi Hongdu Aviation Industry Co surged 7.5 percent to 21.18 yuan. China Avic Electronics Co jumped 7.7 percent to 25.24 yuan. China Aerospace Times Electronics Co surged 6.2 percent to 9.64 yuan.
Shipyards also gained. China CSSC Holdings Ltd gained 5.4 percent to 20.65 yuan. Guangzhou Shipyard International Co Ltd rose 1.7 percent to 15.37 yuan.
CITIC Securities said in a report that spending on military equipment will maintain a rapid growth in the next five to 10 years as uncertainty over the situation in the East China Sea increases.
China Petroleum & Chemical Corp, known as Sinopec, dropped 2.6 percent to 4.92 yuan after the deaths in the Qingdao pipeline blasts at China’s largest oil refiner rose to 52. PetroChina Company Ltd shed 0.9 percent to 8.03 yuan.
Orient Securities said the accident may lead to an overhaul of petroleum and gas transmission pipelines and will depress the oil sector in the short term.
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