China Petroleum, as Sinopec is known, jumped 10 percent, while PetroChina Co., the largest oil producer, surged 6.7 percent. Those two companies represented more than three quarters of the gain in the benchmark stock index.

The Shanghai Composite Index (SHCOMP) rose 0.8 percent to 2,159.96 at 9:51 a.m., its highest level since Dec. 16. The measure pared a rally of as much as 1.7 percent after a manufacturing index contracted more than estimated. HSBC Holdings Plc and Markit Economics’ preliminary manufacturing index, known as the flash PMI, was 48.3 this month, compared with the estimate of 49.5. A number below 50 indicates contraction.

“Sinopec signals to investors a big step forward for reform of state-owned enterprises and it’s time for big caps to catch up since their performance has been lagging,” said Wang Zheng, the Shanghai-based chief investment officer at Jingxi Investment Management Co. “The PMI data isn’t looking good but I don’t expect it to cause panic to the market.”

To contact the reporters on this story: Weiyi Lim in Singapore at wlim26@bloomberg.net; Zhang Shidong in Shanghai at szhang5@bloomberg.net

To contact the editor responsible for this story: Michael Patterson at mpatterson10@bloomberg.net

http://www.bloomberg.com/news/2014-02-20/chinese-stock-index-futures-advance-before-manufacturing-data.html

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