Shanghai stocks rose solidly Wednesday despite a broad fall in most other major
Asian markets, with financials leading the advance. The Shanghai Composite
Index was up 1.2% in late morning action. Shares of Industrial Bank Co.. were
5.2% higher, while Bank of China Ltd. advanced 2.1%, China Construction Bank
Corp. gained 3.2%, and Bank of Communications Co. jumped 3.3%. Energy names had
led the early advance on news Beijing was increasing retail auto fuel prices,
though the shares later eased back from those initial gains, with PetroChina
Co. up 1.5% and China Petroleum & Chemical Corp., also known as Sinopec, 0.7%
higher. Many of the Shanghai gains failed to translate to the firms' shares in
Hong Kong, where Bank of China was down 1.6% and PetroChina was 1.4% lower.
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