Shanghai stock market ends four-day losing streak
15 November 2007
The Shanghai Composite Index (SCI) ended four days of consecutive losses by closing up 4.9% at 5,412.69 points on Wednesday, the Wall Street Journal reported. It was the largest single-day rise in the SCI since it gained 5.3% on August 20. The resurgence was linked to a strong performance by the US markets overnight, which had a knock-on effect in markets across Asia. Hong Kong's Hang Seng Index closed up 4.9% at 29,166.01, spurred on by big gains for mainland telecom and oil companies. China Mobile and China Unicom gained 9.2% and 6.2% respectively following hints from senior management that the iPhone may arrive in the country earlier than expected. Meanwhile, Sinopec shares rose 10.2% and PetroChina 7.1%. This was linked to reports that Beijing had raised natural gas prices for industrial users and drivers.