Utilities and oil firms fuel index
Print Edition
Shanghai stocks rose yesterday, led by electricity companies on hopes the government may introduce market-oriented reform in the sector, while oil shares also gained from robust earnings.
China International Capital Corp said in a report that a price bidding mechanism may be introduced and that will help electricity companies save costs.
GD Power Development Co, a subsidiary of state-owned China Guodian Corp, rose 5.2 percent to 2.62 yuan (43 US cents). SDIC Power Holdings Co surged 9.7 percent to 4.41 yuan. Huaneng Power International Inc climbed 5.2 percent to 5.85 yuan.
Sinopec gained 3.5 percent to 4.49 yuan after posting a 20 percent year-on-year growth in net profit in the third quarter of this year. PetroChina Co added 2.2 percent to 7.78 yuan after reporting a 19 percent rise in third-quarter net profit.
Meanwhile, Shenyin and Wanguo Securities saw the rally as a technical rebound in the wake of continuous declines and said that high hopes for economic reforms also drove the benchmark index higher.
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