Sinopec, PetroChina Rise on Speculation of Pricing Changes
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China Petroleum and Chemical Corp., Asia’s biggest refiner, rose the most in almost three years in Hong Kong trading on speculation the state may allow fuel suppliers including PetroChina Co. to adjust prices on their own.
Sinopec, as China Petroleum is known, gained 8.3 percent, the largest increase since Dec. 8, 2008, to HK$7.92 at the close. PetroChina climbed 3.9 percent, while Cnooc Ltd., whose parent operates a refinery, advanced 5.1 percent. The benchmark Hang Seng Index climbed 3.1 percent.