Chinese shares slightly higher in morning trading

Chinese share prices were higher in Monday morning trade, buoyed by green energy companies after oil prices hit a new record high, dealers said.

Demand was brisk for stocks in companies developing wind and solar power, traders said, after oil prices rose to 147.27 dollars a barrel overnight in New York before settling at 145.08 dollars.

But analysts said the key index was likely to resume its slide in the next few days as cautious investors await the release of China's June inflation data on Thursday.

Oil refiners and airlines were under pressure as rising fuel costs threatened to squeeze their profits. Chinese refiners must sell at government-set prices regardless of whether their costs increase.

The benchmark Shanghai Composite Index, which covers A and B shares, edged up 13.17 points, or 0.46 percent, at 2,869.80 at 10:22 am (0222 GMT).

(Agencies)