Chinese oil companies stage strong rally, CNOOC hit new record high for second straight day
Chinese oil companies stage strong rally, CNOOC hit new record high for second straight day

Chinese oil companies stage strong rally, CNOOC hit new record high for second straight day

Chinese oil companies stage a strong rally, with CNOOC surging by more than 5% to hit a new record high of HK$12.68, while its Shanghai-listed shares jumping by the daily limit of 10% to hit an all-time high of 18.92 yuan at one point.

Sinopec is surging more than 5% to hit HK$4.75 in Hong Kong and jumped as much as 6.7% to hit 5.45 yuan. PetroChina surged 4.9% to hit HK$4.52 Hong Kong and gained up to 5.8% to hit 5.84 yuan in Shanghai. 

Other oil companies are also rallying, with an index tracking the oil and gas companies, compiled by Wind Information, surging 3.4% as of 11:03 am local time, compared to 0.03% gain for the benchmark Shanghai Composite Index.