Shanghai energy stocks roared into the new year, with two-thirds of the counters nudging up against the 10 per cent daily limit, as investors appeared to call a floor on the ailing sector.
The jump came on the back of a broader — albeit more modest — market rise. The Shanghai Composite rose 3.6 per cent in its first session of 2015, extending last year’s 53 per cent rally to hit a five-year high yesterday.
But the energy sector led the jump, rising 9.7 per cent. A total 24 of the 34 stocks in the sector rose between 9.9 and 10 per cent, the daily limit.
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