PetroChina lifts Hong Kong stocks to biggest two-week gain on gas price increase

China’s largest producer of oil and gas contributed to almost 13 per cent of the gain on the Hang Seng Index

Hong Kong’s stocks rose the most in two weeks on Monday as PetroChina rallied after the mainland Chinese government announced that it will raise gas prices for residential use, while beer brewers gained on the prospect of rising demand for the beverage before the Fifa World Cup.

The Hang Seng Index gained 204.22 points, or 0.7 per cent, to 30,792.26 at the close on Monday. The Hang Seng China Enterprises Index, also known as the H-share gauge, added 0.6 per cent. The mainland’s benchmark Shanghai Composite Index slipped for a fourth day.

PetroChina, the nation’s largest producer of both oil and gas, alone contributed to almost 13 per cent of the gain on the Hang Seng Index after industry regulator National Development and Reform Commission announced on Friday to reform the pricing mechanism for…….   Subscribe to Read More…

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