SHANGHAI: China stocks rose on Thursday, helped by robust gains in resources firms, as rising oil prices aided a rally across commodities.
The blue-chip CSI300 index ended 1.2 percent higher at 3,811.84, while the Shanghai Composite Index gained 0.9 percent to 3,117.38.
Sectors rallied across the board, led by materials and energy firms.
Oil prices rose on Thursday to their highest in over three years as US crude inventories declined and as top exporter Saudi Arabia pushes for higher prices by continuing to withhold supplies.
The surge came on a Reuters report that OPEC’s new price hawk Saudi Arabia would be happy for crude to rise to $80 or even $100, a sign Riyadh will seek no changes to a supply-cutting deal even though the agreement’s original target is within sight.
In the metals market, aluminium prices surged as much as 5 percent to their highest level in almost seven years on Thursday amid enduring concerns over strained global supply following US sanctions on major Russian producer Rusal, with similar worries also spurring nickel.
Metals producers jumped, with China’s largest aluminium producer Chalco surging the maximum allowed 10 percent in Shanghai. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.86 percent, while Japan’s Nikkei index closed up 0.15 percent.
At 07:02 GMT, the yuan was quoted at 6.2719 per US dollar, 0.04 percent firmer than the previous close of 6.2745.
The largest percentage gainers on the main Shanghai Composite index were Aluminum Corp of China Ltd up 10.11 percent, followed by Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd gaining 10.02 percent and Sino-Platinum Metals Co Ltd up by 9.98 percent.
The largest percentage losers on the Shanghai index were Shanghai U9 Game Co Ltd down 7.45 percent, followed by Harbin Air Conditioning Co Ltd losing 7.35 percent and Shanghai Jahwa United Co Ltd down by 6.19 percent.
As of 07:03 GMT, China’s A-shares were trading at a premium of 21.82 percent over the Hong Kong-listed H-shares.
Source: Brecorder
