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Market Update : 
Energy Stocks Rise on Rebates
Author: 123jump.com Staff
123jump.com
Last Update: 4:46 PM EDT April 29 2008

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China is expected to offer most of the value added tax as a rebate to oil refining companies to cover losses from the price control. Stock in Shanghai and Hong Kong edged higher on the news. Power generating companies surged on the hopes that similar rebate may be extended to the sector. Bank of China reported 85% rise in earnings. The earnings news lifted financial stocks but the gains were muted ahead of the U.S. Fed rate decision. China Coal surged on strong earnings.

 
China coal producer Yanzhou Coal Mining gained 4.3% to HK$14.42 after the firm reported strong first quarter on rising commodity prices. China Shenhua Energy declined 4% to HK$36.15 after mining giant Anglo-American disposed its 4.58% equity in the company.
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