Sinopec, PetroChina shares outperform sluggish China, Hong Kong markets

viernes 7 de marzo de 2014 00:53 GYT

* HSI -0.2 pct, H-shares +0.5 pct, CSI300 -0.2 pct

* Most indexes headed for losses on the week

* Investors cheer Sinopec chairman comments, lift PetroChina too

* China property developers sink, pare strong Thursday rebound

By Clement Tan

HONG KONG, March 7 (Reuters) - Chinese oil giants Sinopec and PetroChina outperformed the broader Hong Kong and China stock markets early on Friday, on hopes that both companies will be beneficiaries of policy reforms at the ongoing National People's Congress.

Major benchmark indexes are mostly headed for losses on the week, with investors also bracing for a possible first default of a publicly traded bond in the mainland by loss-making Chinese solar equipment producer Chaori Solar.

At midday, the CSI300 of the leading Shanghai and Shenzhen A-share listings was down 0.2 percent, while the Shanghai Composite Index was flat. On the week, they are now down 0.4 and up 0.2 percent, respectively.

The Hang Seng Index slipped 0.2 percent to 22,661.3 points, while the China Enterprises Index of the leading offshore Chinese listings in Hong Kong rose 0.5 percent. On the week, they are now down 0.8 and 1.7 percent, respectively.   Continuación...