Sinopec shares outperform sluggish China market

HONG KONG Thu Feb 27, 2014 2:06am EST

HONG KONG Feb 27 (Reuters) - Chinese state oil giant Sinopec outperformed a sluggish mainland stock market on Thursday, after Beijing increased fuel prices and hopes remained that a coming annual parliamentary session will push ahead reforms in state-run enterprises.

China Petroleum and Chemical Corp (Sinopec) soared 6.7 percent to a 10-month high in Shanghai, helping the Shanghai Composite Index finish up 0.3 percent at 2,047.4 points.

The CSI300 of the largest Shanghai and Shenzhen A-share listings slipped 0.4 percent. Losers outnumbered gainers 2-1 in Shanghai and 3-1 in Shenzhen.

The Nasdaq-style ChiNext Composite Index of mostly high tech startups listed in Shenzhen again came under profit-taking pressure, diving 3.3 percent.

The National Development and Reform Commission raised the retail price of gasoline and diesel by about 2 percent, effective Thursday. as part of its fuel price review every 10 working days. (Reporting by Clement Tan; Editing by Richard Borsuk)