China Petroleum & Chemical Corp. (SNP) and China Mobile Ltd. (CHL) both are experiencing large swings in their market capitalization today, though in the opposite direction.
China Petroleum & Chemical Corp. [[SNP]], more commonly referred to as Sinopec, added more than $3.5 billion in market capitalization after the company announced its refined oil stockpile reached approximately 8 million tons after the first-half of this year.
China Mobile Ltd. [[CHL]], China’s largest cellphone provider with nearly 500 million subscribers, shed about $3 billion worth of market capitalization on concerns about Apple’s [[AAPL]] exclusive iPhone arrangement with competitor China Unicom Ltd. [[CHU]]. Though China Unicom has a much smaller subscriber base, the availability of the iPhone on its network will appeal to the most urban, upper-class Chinese.
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