Shares hit 9-day rising stretch
Print Edition
SHANGHAI shares notched a nine-day rising streak yesterday, helped by bank and oil companies.
The Shanghai Composite Index gained 0.23 percent to 3,421.83 points.
Industrial Bank Co rose 5.82 percent to 18.18 yuan (US$2.79) and China Construction Bank Corp added 2.91 percent to 7.78 yuan.
Banking shares climbed amid expectations of liquidity being loosened as “the central bank shows few signs of raising interest rates,” said Kang Shuiyue, an analyst at Sun Investments, a domestic asset management company.
Oil giants were lifted by surging crude prices, given that Brent crude closed at US$68.82 per barrel yesterday, the highest level since December 2014.
PetroChina Co gained 2.82 percent to 8.75 yuan while China Petroleum & Chemical Corp rose 2.14 percent to 7.15 yuan.
Oil prices rallied amid political turmoil in oil producer Iran, and shrinking crude inventory in the US, said Luo Libo and Wang Ke, analysts at GF Securities.
They added the continuous output cuts among members of the Organization of the Petroleum Exporting Countries would further raise crude prices in the coming days.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
