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Old 15th October 2007, 09:52 AM
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PetroChina Surpasses GE in Market Value

If the stock bubble continues for another 3 weeks, even Exxon Mobil Corp.'s $518.5 billion could be breached.

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Originally Posted by touchring
PetroChina Surpasses GE in Market Value

By Darren Boey and Hanny Wan
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Oct. 15 (Bloomberg) -- Asian stocks rose, led by energy companies, as crude oil prices traded near a record. PetroChina Co. surged as much as 10 percent, surpassing General Electric Co. to become the world's second-largest company by market value.

``Given limited oil supplies and that China's demand continues to be strong, the outlook for oil-related stocks remains positive in the long run,'' said Carmen Au-Yeung, who helps manage the equivalent of $12 billion in global equities at Comgest (Far East) Ltd. in Hong Kong.

BHP Billiton Ltd., Australia's largest oil producer, climbed to a record. China Mobile Ltd., the world's biggest mobile-phone operator by users, also rose to a high after UBS AG lifted its share-price estimate.

The Morgan Stanley Capital International Asia-Pacific Index added 0.5 percent to 168.63 as of 4 p.m. in Tokyo. Benchmarks in China, Hong Kong and India climbed to records. Japan's Nikkei 225 Stock Average rose 0.2 percent, while the broader Topix index lost 0.1 percent.

An index of energy stocks in MSCI's Asia-Pacific measure gained 4 percent, the most among the benchmark's 10 industry groups. Crude oil, which climbed to a record $84.05 a barrel in New York on Oct. 12, was recently at $83.74 a barrel in after- hours trading.

PetroChina, the country's biggest oil company, surged in Hong Kong to a record HK$18.38, swelling the company's market value to HK$3.27 trillion ($422 billion) at the midday break. That's more than General Electric's $420.4 billion and is second worldwide only to Exxon Mobil Corp.'s $518.5 billion in value.

Oil Stocks Rise

Oil and natural gas output at PetroChina rose 4.3 percent in the first nine months of the year as demand increased in the world's fastest-growing major economy, the company said.

To contact the reporter on this story: Darren Boey in Hong Kong at dboey@bloomberg.net ; Hanny Wan in Hong Kong at hwan3@bloomberg.net .

http://bloomberg.com/apps/news?pid=2...37c&refer=home

Last edited by touchring; 15th October 2007 at 09:57 AM.. Reason: Automerged Doublepost
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