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Stocks rebound in morning session
By Hu Xiaocen |
February 8, 2012, Wednesday
|
Online Edition
Online Edition
THE Shanghai Composite Index rebound in the morning session from its biggest drop in three weeks yesterday, as oil refiners surged on increased fuel prices, and Greece made progress on its second bailout.
The key index advanced 0.38 percent, or 8.69 points, to 2,300.59 by the noon break with turnover standing at 23.7 billion yuan (US$3.8 billion).
China raised fuel prices by 3.3 percent today, according to the National Development and Reform Commission, the nation's top planning agency. Prices have increased by 300 yuan a metric ton for both retail gasoline and diesel.
Oil refiners led the climb of the index in the morning by a jump of 2.5 percent on average. Sinopec Shanghai Petrochemical, a unit of China's biggest refiner, jumped 1.16 percent to 6.1 yuan. PetroChina, the nation's second-largest refiner advanced 0.3 percent to 10.12 yuan.
Greece has made progress on measures to secure a second European Union aid package, as the European Central Bank has made concessions over its holdings of Greek bonds, which will reduce the country's debt burden. Eurozone finance ministers will meet tomorrow to discuss the bailout, German Finance Minister Wolfgang Schauble said yesterday.
The key index advanced 0.38 percent, or 8.69 points, to 2,300.59 by the noon break with turnover standing at 23.7 billion yuan (US$3.8 billion).
China raised fuel prices by 3.3 percent today, according to the National Development and Reform Commission, the nation's top planning agency. Prices have increased by 300 yuan a metric ton for both retail gasoline and diesel.
Oil refiners led the climb of the index in the morning by a jump of 2.5 percent on average. Sinopec Shanghai Petrochemical, a unit of China's biggest refiner, jumped 1.16 percent to 6.1 yuan. PetroChina, the nation's second-largest refiner advanced 0.3 percent to 10.12 yuan.
Greece has made progress on measures to secure a second European Union aid package, as the European Central Bank has made concessions over its holdings of Greek bonds, which will reduce the country's debt burden. Eurozone finance ministers will meet tomorrow to discuss the bailout, German Finance Minister Wolfgang Schauble said yesterday.
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