China State Firms Go From Unloved Trade to Favorite New Play
- Shanghai bourse chief called for better access to funding
- Authorities have adopted a supportive stance toward SOEs
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Shares of China’s state-owned firms charged higher Tuesday, as investors piled in on bets that supportive signals from authorities would boost the companies’ valuations.
CNOOC Ltd. jumped by as much as the maximum 10% allowed in Shanghai and rose 5.8% in Hong Kong to pace gains in the Hang Seng China Enterprises Index. On the mainland, China Petroleum & Chemical Corp. rallied as much as 6.9%, while Sinopec Oilfield Service Corp. climbed 9.6%.