China Petrol Shares Positive Start to Year of the Tiger

 

Petroleum and petrochemical shares led the gains, boosted by the upswing in international oil prices. PetroChina Co Ltd jumped over 9.5 percent, while China Oilfield Services Ltd, Zhongman Petroleum and Natural Gas Group Corp, and China Petroleum Engineering Co all surged to hit the 10 percent daily cap.

The benchmark Shanghai Composite Index soared 2.03 percent to close at 3,429.58 points last week, getting off to a good start in the Year of the Tiger, while the smaller Shenzhen Component Index rose 0.96 percent to 13,456.65 points. The NASDAQ-style ChiNext Composite Index edged up 0.31 percent, and the STAR 50 also ended 0.36 percent higher. On the two major bourses in Shanghai and Shenzhen, around 3,500 listed firms posted gains in the session. PW110222