Chinese stock-index futures rose after PetroChina Co. and Aluminum Corp. of China Ltd. announced plans to sell stakes in units amid a drive to reform state-owned enterprises.
The December futures contract on the CSI 300 Index gained 0.7 percent to 3,706.40 as of 9:17 a.m. local time. PetroChina, the biggest energy producer, will sell its stake in a pipeline company for as much as 15.5 billion yuan ($ 2.4 billion), while Aluminum Corp. of China, known as Chalco, plan to sell a stake in a Shanxi unit for at least 2.4 billion yuan.
The Shanghai Composite Index climbed 0.9 percent to 3,647.93 on Wednesday, the highest close in two weeks. The gauge has rebounded 25 percent from its August low, after tumbling 43 percent from its June peak. It’s valued at 19 times reported earnings, compare with the five-year average of 13.4, according to data compiled by Bloomberg.
The CSI 300 Index rose 0.7 percent. Hong Kong’s Hang Seng China Enterprises Index fell 0.3 percent. The Hang Seng Index lost 0.4 percent. The Bloomberg China-US Equity Index, the measure of the most-traded U.S.-listed Chinese companies, added 0.5 percent in New York before the Thanksgiving holiday.