Sinopec Shares Rise on Asset Acquisitions: Hong Kong Mover
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China Petroleum & Chemical Corp., Asia’s biggest refiner, rose the most in over seven months after the company said it would form a joint venture with its parent to acquire overseas oil and gas assets.
The shares rose as much as 4 percent to HK$9.10 in Hong Kong trading, headed for their biggest gain since Aug. 6. At 9:50 a.m. they were 3.2 percent higher at HK$9.03. The city’s benchmark Hang Seng Index was up 1 percent.