Shanghai Stocks Rise as Sinopec Jump Overshadows Inflation Data
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The Shanghai Composite Index rose after China Petroleum and Chemical Corp. jumped the most in 11 months and cement and utility companies rallied, overshadowing a report showing faster inflation.
China Petroleum, known as Sinopec, surged 4.6 percent after valuations dropped to a record low. Jiangxi Wannianqing Cement Co. climbed the most this year after estimating first-half profit probably more than doubled. GD Power Development Co. led gains for utilities after saying rising electricity prices will boost a unit’s revenue. Kweichow Moutai Co. and Poly Real Estate Group Co. paced losses for consumer-staples and property shares.