Media and oil companies jump in Shanghai trading

Shanghai stocks rebounded in afternoon trading, with the benchmark index increasing 0.26 percent to 2,245.33 points. Companies in the media and oil sectors benefited the market.

The central government yesterday approved a plan to develop the new media sector, serving as a big stimulus to the sector.

Northern United Publishing & Media gained 10 percent to 8.98 yuan (US$1.42), while Shanghai Xinhua Media increased 10 percent to 10.02 yuan.

As more big-name companies are said to bid for a stake of China Petroleum & Chemical Corporation, the industry saw an upward move.

Sinopec Shanghai Petrochemical rose 9.91 percent to 3.66 yuan, while China Petroleum & Chemical added 2.66 percent to 5.41 yuan.