China Stocks: Bank of Ningbo, China Oilfield, Offshore Oil, TCL
The Shanghai Composite Index (SHCOMP), which tracks the bigger of China’s stock exchanges, rose 4.80 points, or 0.2 percent, to 2,451.86, the highest close since Nov. 17. The CSI 300 Index (SHSZ300) gained 0.2 percent to 2,662.46.
Oil-related stocks: China Oilfield Services Ltd. (601808) (601808 CH), the drilling unit of the nation’s largest offshore oil producer, slid 0.7 percent to 17.68 yuan. Offshore Oil Engineering Co. (600583) (600583 CH), a unit of the country’s third- largest oil producer, sank 0.3 percent to 6.15 yuan.
Oil for April delivery in New York fell as much as 0.7 percent to $107.84 a barrel in electronic trading today. Futures retreated 1.1 percent to $108.56 a barrel yesterday, after reaching a nine-month high on Feb. 24.
Bank of Ningbo Co. (002142 CH), part-owned by Singapore’s Oversea-Chinese Banking Corp., rose 1 percent to 10.20 yuan after saying in yesterday’s preliminary earnings statement that profit increased 40 percent last year.
TCL Corp. (000100) (000100 CH), China’s biggest publicly traded consumer-electronics maker, rose 2.1 percent to 2.39 yuan. Net income jumped 134 percent from a year earlier to 1.01 billion yuan in 2011, the company said in a statement yesterday.
--Zhang Shidong. Editor: Allen Wan
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