China stocks climb for 11th time in 12 day by midday, Shanghai gains 0.7pc

China stocks climb for 11^th time in 12 day by midday, Shanghai gains 0.7pc

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BEIJING: Chinese stocks climbed for the 11th time in 12 days, led by energy and industrial companies, after OIL PRICES surged and the government said it will promote industries including shipping and rail.

Offshore Oil Engineering Co. jumped 10 percent after the State Council added the marine engineering equipment industry to its development plans. PetroChina, which is releasing earnings later today, gained 4 percent as crude headed for its biggest five-day gain since 2009. Beijing HualuBaina Film & TV Co. and Guangdong Qtone Education Co. sank 10 percent, pacing losses on the ChiNext index of small-cap shares, which declined 3 percent.

The Shanghai Composite Index gained 0.7 percent to 3,686.52 at 1:21 p.m. local time. The gauge has climbed 11 percent in March. The measure on Wednesday halted a 10-day rally that was fueled by speculation the government will take steps to shore up faltering economic growth.