PetroChina (PTR) was today’s top Chinese mover, losing significant value, but it had good company with Chinese Petroleum & Chemical (SNP) and CNOOC Limited (CEO) also dropping.
PetroChina Company Ltd. [[PTR]] lost $9.3 billion in market value today it today’s top loser by market capitalization. Though the energy sector was down generally today, Chinese refiners were particularly hard hit due to China’s cut of fuel prices.
The Chinese government totally controls gasoline and diesel prices, and in an unexpected move it cut prices by more than 3% – cut that comes almost directly from PetroChina’s margins. Fellow Chinese refiners China Petroleum & Chemical Corp. [[SNP]], more commonly known as Sinopec, and CNOOC Limited [[CEO][ also dropped significantly.
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