Shanghai shares erase weekly gains as Sinopec, PetroChina sink Shanghai shares erased weekly gains on Friday, as investors took profits on outsized gains the previous day for Sinopec and PetroChina ahead of a bevy of corporate earnings results due next week. The Shanghai Composite Index finished down 1.2 percent at 2,113.7 points, while the CSI300 of the largest Shanghai and Shenzhen A-share listings slid 1 percent. They each posted their first weekly loss in three, shedding 0.1 percent and 1.4 percent, respectively. A report in the official China Securities Journal on Friday, citing the research head at an agency under the State Council, suggested Beijing may be able to tolerate an economic growth rate of around or below 7 percent. Premier Li Keqiang previously suggested 7.2 percent was his base threshold. China Petroleum and Chemical Corp (Sinopec) and PetroChina each tumbled more than 3 percent. They had jumped 10 percent and 5 percent, respectively, on Thursday, after Sinopec announced plans to sell up to 30 percent of its retail oil business to private investors in a move seen by some as the first signs of reform at a state-owned enterprise.
Posted on: Fri, 21 Feb 2014 07:18:36 +0000
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