Energy Shares Surge in Hong Kong on Pipeline Sale, Fuel Price
- Sinopec, PetroChina among biggest gainers on benchmark
- Shanghai Composite declines to lowest in more than a month
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China’s two largest energy companies were among the dominant shares in Hong Kong on Wednesday, outpacing the broader market amid reports of a fuel price increase and news of a pipeline sale.
The Hang Seng Index ended little changed at 22,456.62. Sinopec surged after it said it is selling a 50 percent stake in a pipeline unit for 22.8 billion yuan ($3.3 billion) as it seeks funds to expand its natural gas business. PetroChina Co. closed at its highest level since November last year after SC199.com reported that China will raise gasoline and diesel prices from Thursday. The Shanghai Composite Index fell to a five-week low.