PetroChina Co. and China Petroleum & Chemical Corp., the nation’s two largest oil explorers, jumped by their daily trading limit in Shanghai on Monday on speculation the government is considering consolidating the industry.
“Big oil names are soaring because of speculation that the government is studying mergers in the industry,” said Clement Cheng, an equity trader at RBC Investment Management Asia in Hong Kong. “The oil sector has been undervalued for a long time.”
