Monday, March 31, 2008

PetroChina shares rebound in SH and U.S. trading

Shares of PetroChina<601857><857>, the country's top oil producer, managed to rebound on Friday in Shanghai and U.S. trading, after the stock prices fell for five consecutive days in Shanghai.

On Friday, the stock of PetroChina advanced 5.18% to RMB 17.87 in Shanghai, compared to the closing price of RMB 16.99 of the previous trading day. Meanwhile, the oil giant climbed US$6.30 to US$128.03 in the U.S. trading.

In contrast, its A-shares declined to the lowest RMB 16.94 on Thursday, only RMB 0.24 above the IPO price of RMB 16.70, which invited analysts' study of China's A-share market.

China Pacific Insurance<601601> experienced a steep drop of 8.11% on Mar. 26, and fell below its IPO price of RMB 30.00 for the first time since it started trading on Dec. 25, 2007. Thus, it marked the first stock that declined below the IPO price on the Shanghai and Shenzhen Stock Exchange.

Following China Pacific, China Coal Energy Co<601898><1898> and China Shipping Container Lines<601866><2866>, joined the club of trading below their offer price. China Coal tumbled 9.93% to RMB 16.69 on Thursday in Shanghai, below its IPO price of RMB 16.83. Similarly, China Shipping fell 5.65% to RMB 6.51 on the same day, compared with its IPO price of RMB 6.62.

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