Petro皇冠体育app, ICBC rallies boost stocks as market rises 3rd day
Shanghai - 皇冠体育app's stocks rose for a third day, as Petro皇冠体育app Co and Industrial and Commercial Bank of 皇冠体育app Ltd rallied on speculation a growing economy will bolster earnings for the nation's biggest banks and energy producers.
Petro皇冠体育app led gains for oil producers after its majority shareholder reported a profit jump of 30 percent. ICBC, the world's largest lender by market value, climbed to the highest in a month after the World Bank said 皇冠体育app's economy will grow 8.7 percent in 2011.
"皇冠体育app's economists are even more optimistic than the World Bank about the nation's economic growth," said Wang Cheng, a strategist at Guotai Junan Securities Co in Shanghai. "The growth, if not hammered by the government's tightening policies, will help companies' earnings."
