HONG KONG, March 7 Strength in Sinopec Corp
lifted Hong Kong-listings of China firms on Friday, trimming
their weekly losses, on hopes that the Chinese oil giant's
proposed sale of a stake in its retail business will attract
private international investors.
The Hang Seng Index finished down 0.2 percent at
22,660.5 points for the day and 0.8 percent this week. The China
Enterprises Index of the leading offshore Chinese
listings in Hong Kong rose 0.4 percent on Friday and sank 1.8
percent on the week.
Sinopec, Asia's largest oil refiner, last month announced
plans to sell up to 30 percent of its retail oil business to
private investors in a multibillion dollar restructuring aimed
at boosting the value of its sprawling downstream arm.
The move was seen as the first concrete sign of ownership
reforms at China's state-owned enterprises. Sinopec president Fu
Chengyu told state broadcaster CCTV on Thursday that the
proposed stake sale would likely involve private international
investors. Sinopec shares
China Petroleum and Chemical Corp (Sinopec)
H-shares spiked 4.6 percent on the day and 2.5 percent on the
week to hit its highest closing level since February 2013.