February 26, 2014 / 7:07 AM / 4 years ago

Sinopec's strength helps China shares eke out 1st gain in five days

HONG KONG, Feb 26 (Reuters) - China shares ended a four-day losing streak, as gains by oil giant Sinopec offset losses for financials as the yuan again fell below the official fix on Wednesday, stoking jitters about what might come from next week’s annual parliamentary meetings.

China Petroleum and Chemical Corp (Sinopec) soared 3.7 percent in Shanghai after China Business News reported that its chairman Fu Chengyu said parliamentary meetings starting March 5 may yield the next stages of its reform plan.

The Shanghai Composite Index ended up 0.4 percent at 2,041.3 points, while the CSI300 of the largest Shanghai and Shenzhen A-share listings rose 0.3 percent. This was their first gain in five sessions.

The Nasdaq-styled ChiNext Composite Index of mostly high-tech startups listed in Shenzhen, which was trading down by as much as 4 percent in early trade, finished off 0.3 percent. (Reporting by Clement Tan; Editing by Richard Borsuk)

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