Oil Stocks Plunge

The Hang Seng Index broke its lowest point last week and the Hang Seng China Enterprises Index dropped by 4% to 11253.

International oil prices saw a substantial drop to USD 140 per barrel on 7 July, and the A-shares of China Petrochemical Co., Ltd. (0386) and Petrochina Co., Ltd. (0857) have not posted any gains. China Petrochemical was at HKD 7.12 andPetrochina was at HKD 9.53 as of press time, respectively down 3.1% and 4.7%. Shanghai Petrochemical Co., Ltd. (0338) dropped by 5.6% to HKD 2.35, a a 52 week low.


Source: www.aastocks.com

Date: 8 Jul 2008

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