PetroChina Surges Most in Two Years as H-Share Rally Rolls On

(Bloomberg) -- 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 from Ramsey Al-Rikabi

To contact the reporters on this story: Richard Frost in Hong Kong at rfrost4@bloomberg.net, Sofia Horta e Costa in Hong Kong at shortaecosta@bloomberg.net.

To contact the editors responsible for this story: Sarah McDonald at smcdonald23@bloomberg.net, Michael Patterson

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