Giant oil company merger reports unconfirmed

Shares in China Petroleum and Chemical Corp, often referred to as Sinopec, rose 3.4 percent on Wednesday - the first trading day after the Spring Festival holiday - after rumors the company was about to be merged with PetroChina Co Ltd, the country's largest oil and gas producer.

China's top refiner, Sinopec's stock gained 0.2 yuan ($0.03) to close at 6.09 yuan on the Shanghai Stock Exchange after rising at one point to 6.19 yuan.

Shares in PetroChina also rose 1.35 percent on the exchange, closing at 11.23 yuan, peaking at one point at 11.56 yuan.