Business

Friday 27 April 2018

China shares post 4th straight loss as energy giant Sinopec sinks again

Seven employees of Sinopec have been arrested over last week's pipeline blast
Seven employees of Sinopec have been arrested over last week's pipeline blast

Shanghai shares of Sinopec sank to a more than one-week low on Tuesday after police detained nine people in connection with the blast on its Qingdao oil pipelines.

The CSI300 of the leading Shanghai and Shenzhen A-share listings ended a choppy session down 0.1pc at 2,387.4 points in a fourth-straight daily loss.

The Shanghai Composite Index also slipped 0.1pc.

Heavyweight Sinopec sank 2.7pc to its lowest close since November14, but strength in companies linked to the Chinese coastal city of Ningbo limited index losses, rallying on hope they will benefit from a free-trade zone covering a nearby island.

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