PetroChina Briefly Beats ICBC as Second-Largest Onshore Firm [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Chinese oil giant PetroChina Co.'s market value briefly surpassed that of the nation's top lender, making it at one point the second-largest listed company in mainland China. The oil producer's market capitalization rose to 1.75 trillion yuan ($242 billion) at the end of trading on Tuesday. A gain of as much as 3.9% earlier helped push its market value to about 1.77 trillion yuan, briefly overtaking that of Industrial and Commercial Bank of China Ltd. Article content Article content ICBC's market capitalization was larger than PetroChina's by 11 billion yuan at the close. The last time the latter beat the bank was in 2015, when it held the title of the biggest stock onshore for years. A rally in oil prices this year has helped to buoy shares of energy firms around the world. For PetroChina, a rebound in domestic demand last year contributed to
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