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.
Already a subscriber? Log in
Save 30% OFF The Star Digital Access
Cancel anytime. Ad-free. Unlimited access with perks.
