Oil giant CNOOC soars in Shanghai debut

Going public: People passing by the CNOOC headquarters in Beijing. The stock is being chased by investors who are seeking shelter in big caps with relatively low valuation and high dividends. — Reuters

SHANGHAI: China’s CNOOC Ltd saw its stock surge as much as 44% in its Shanghai debut in defiance of overall market weakness, as investors sought safety in the oil giant amid lofty energy prices and quickening inflation.

The stock started trade 20% higher than its offering price yesterday.