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2009-1-6 08:16:00 a.m. HKT, XFNA
DJ MARKET TALK: Cnooc May Outperform; Oil Strength To Support
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| 0805 [Dow Jones] Cnooc (0883.HK) may outperform vs other oil stocks if tracking its ADRs, as upstream play set to gain support after crude price extends gains (February crude futures settled 5.3% higher at $48.81/bbl on Nymex. Cnooc's ADRs +0.1% at equivalent of HK$8.20, while integrated oil play PetroChina (0857.HK) down 0.6% at HK$7.65, refiner Sinopec (0386.HK) down 0.2% at HK$5.25. Analysts now expect crude to hit $50/bbl soon, amid escalating conflict between Israel and Hamas in Gaza, as well as a dispute over natural gas pricing between Ukraine and Russia. Cnooc ended up 7.9% at HK$8.19 Monday, with October high of HK$9.14 as near-term cap; PetroChina ended up 6.9% at HK$7.70 and Sinopec (0386.HK) +6.0% at HK$5.26.(SUT) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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