Continued SOE reform helps shares rebound

Updated 2016-12-22 09:25:58 Shanghai Daily

Shanghai stocks rebounded yesterday as investors were cheered by China's determination to stay the course on state-owned enterprise reform.

The Shanghai Composite Index gained 1.1 percent to 3,137.43 points, helped by the announcement of China National Petroleum Corp to adopt a mixed-ownership format.

PetroChina, the listed arm of CNPC, gained 3.93 percent to 7.93 yuan (US1.14).

At the Central Economic Work Conference last week, SOEs were urged to reform to enhance their efficiency by attracting diversified funds and ideas.

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