PetroChina Rally to End as Oil Trumps Stimulus: Chart of the Day
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The rally in PetroChina Co. that sent the oil producer’s Shanghai shares to a four-year high is poised to reverse after the stock price diverged from crude by the most on record, according to Macquarie Group.
The CHART OF THE DAY tracks the performance of PetroChina’s A shares against oil prices in New York and the Bloomberg World Oil & Gas Index of the largest energy producers. The world’s fifth-most valuable company has surged 62 percent in the past six months, compared with a 23 percent drop by global peers and a 53 percent decline in oil. The lower panel shows PetroChina’s Shanghai shares are 74 percent more expensive than its H shares in Hong Kong, near the biggest gap since 2009.