PetroChina Co Ltd, China's largest oil refiner, was today added
to the Shanghai Stock Exchange series indices and the China
Securities Index series indices, including the CSI300 index.
As of last Friday's close, PetroChina shares had shrunken almost
25 percent to 38.32 yuan from an opening price of 48.6 yuan on
November 5, when Asia's most profitable company was listed in the
Shanghai bourse.
Last Friday, PetroChina shares had a total market value of 6.14
trillion yuan, accounting for 23.2 percent of the total market
value of all shares listed in Shanghai. PetroChina has left the
Industrial and Commercial Bank of China (ICBC) far behind.
Previously the heaviest weight in Shanghai, ICBC shares on Friday
accounted for only 7.93 percent of the total market value of the
Shanghai exchange.
Calculated on the closing price of the Shanghai Composite Index
on November 16, or 5,316 points, PetroChina took up 1,097 points.
In other words, if PetroChina's share price changes by 1 percent,
the benchmark Shanghai index will move 10.97 points.
Calculated on the closing price of the CSI300 index on Friday of
5,007 points, PetroChina weighted 111 points. That means if
PetroChina share price changes by 1 percent, the CSI300 index will
move 1.11 points.
Based on PetroChina's closing price of 38.82 yuan last Friday, a
price change of 0.01 yuan would cause the Shanghai Composite Index
to lose 0.31 points. Supposing PetroChina had been included in the
index on Friday, its gain of 0.91 yuan that day would have led the
index to go up 28.21 points.
(China Daily November 19, 2007)
