PetroChina, ICBC rallies boost stocks as market rises 3rd day
Shanghai - China's stocks rose for a third day, as PetroChina Co and Industrial and Commercial Bank of China Ltd rallied on speculation a growing economy will bolster earnings for the nation's biggest banks and energy producers.
PetroChina 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 China's economy will grow 8.7 percent in 2011.
"China'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."
