Chinese-controlled oil company PetroChina's shares surged after its CEO today predicted an A-share listing in Shanghai in November. PTR-- the largest-listed Chinese oil company by output-- was recently approved by China's securities' regulator to sell up to 4 billion A-shares.The announcement aided China's stock market to hit unprecedented highs today, as the Shanghai Composite Index surpassed 6,000 and the Hang Seng Index closed at 29,540.
Following suit, PTR shares in New York today hit a new high of $242.15, an increase of more than 26 points. The stock is currently trading at $233.47, up 8%, surpassing its 10-day moving average by nearly 45 points.
I guess China can do something right after all.