Even China’s Biggest Stock Flop Is Joining the Hong Kong SurgeBy and
As Chinese stocks in Hong Kong gain for a 19th straight day, even perennial laggards like PetroChina Co. are joining the party.
The heavyweight oil producer surged as much as 7.5 percent on Wednesday, its biggest gain in two years. With about five minutes left in the trading session, turnover was already the highest since April 2015.
While PetroChina has gotten a boost from this week’s rally in oil prices, the stock may also be gaining traction among investors keen on catch-up plays. PetroChina has dropped more than any other stock in the Hang Seng China Enterprises Index over the past five years, sinking nearly 50 percent.
— With assistance by Ramsey Al-Rikabi