Oil shares soar on news of Zhou's fall from grace
Updated: 2014-07-30 14:01
By GAO CHANGXIN in Shanghai (chinadaily.com.cn)
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Following the Communist Party of China Central Committee's announcement that former security chief Zhou Yongkang is being investigated on suspicion of "serious disciplinary violations”, PetroChina Co Ltd led a rally of oil stocks in morning trading on Wednesday.
Shares in the country's biggest oil and natural-gas producer by output rose 3.33 percent to 8.06 yuan a share at the close of morning trading in Shanghai. Sinopec Ltd, the biggest oil refiner, gained 1.16 percent to 5.23 yuan a share.
Zhou, a former member of the Politburo Standing Committee, China's top decision-making body, started his political career at PetroChina and is widely thought to have acolytes throughout the country’s oil industry.
Twenty of the 21 oil-related companies in both the Shanghai and Shenzhen bourses rose, amid a 0.13 percent drop in the benchmark Shanghai Composite Index, ending a six-day rally.
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