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2009-6-17 10:32:00 a.m. HKT, XFNA
DJ MARKET TALK:CNPC (HK) Off 1.7%;But PetroChina Shr Buy Supports
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| 1024 [Dow Jones] CNPC (HK) (0135.HK) down 1.7% at HK$5.66, largely tracking broad market weakness (HSI down 1.7%), but further downside from here likely limited at yesterday's low of HK$5.50, supported by news parent PetroChina (0857.HK) raises stake to 58.01% from 57.15% by buying 12.4 million shares Friday at HK$5.837 each. Slew of corporate restructuring moves so far this year indicate PetroChina's intention of turning CNPC (HK) into group platform for gas distribution business in China; stake buy likely taken as showing further parental support, asset injection may be in pipeline. Volume modest at HK$19.9 million so far.(RLI) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
(Delayed by 1 hour)
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