Sinopec has become the latest state-backed entity to take steps aimed at boosting China’s flagging stock market, ahead of an important Communist party leadership meeting this weekend.
The oil producer’s parent company said in a statement to the stock exchange yesterday that it bought back more than 6m of Sinopec’s Shanghai-listed shares on Tuesday and would spend as much as $17bn purchasing stock over the next 12 months.
Shares in Sinopec, China’s fifth-largest listed company by weighting, accounting for almost 3 per cent of the Shanghai Composite index, were up 3.3 per cent yesterday afternoon, while the broader market was off 0.4 per cent.
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