China stocks fall at PetroChina debut

时间：2007-11-06 07:54:05

（单词翻译:单击）


Jiang Jiemin, chairman of PetroChina, hits the gong during a ceremony to mark PetroChina's listing in the trading hall of the Shanghai Stock Exchange November 5, 2007.
 
Nov.6 - China's main stock index fell more than two percent Monday as PetroChina became the world's largest company by market value after its mainland debut1.

 

The Shanghai Composite Index dropped 2.48 percent to close at 5,634.45 points, while the smaller Shenzhen Composite Index shed 0.68 percent to 1,377.19 points. The CSI 300 Index covering major companies in the two bourses fell 2.06 percent to 5,360.30.

 

The sell-out came as initial public offering (IPO) shares of PetroChina started trading in Shanghai. The country's biggest oil company opened at 48.60 yuan, nearly tripling the issue price of 16.70 yuan, before easing slightly to end the session at 43.96 yuan.

 

That closing price helped the company become the world's first company to be valued at $1 trillion, larger than the combined value of Exxon Mobil Corp. and General Electric Co, according to Bloomberg News.

 

"The mainland offering will give domestic investors2 opportunities to share the outcome of PetroChina's fast growth and help expand the company's business in the mainland," said Jiang Jiemin, president of PetroChina's parent China National Petroleum3 Corporation (CNPC).

 

In contrast with PetroChina's spectacular performance, Asia's largest refiner Sinopec plunged4 8.88 percent to close at 25.96 yuan per share, bringing down the Shanghai Composite Index by 44 points.

 

Some institutional investors are dumping Sinopec shares to buy into its major rival, analysts5 explained.

 

Another factor affecting the market is Premier6 Wen Jiabao's pledge to prevent asset bubbles.

 

The government will take measures to prevent asset bubbles and avoid huge fluctuations7 in the stock market, Wen said during a visit to Uzbekistan. It is the government's responsibility to ensure a fair, healthy and transparent8 stock market, he said.

 

Wen's remarks prompted panic selling in the real estate shares. China Vanke tumbled 8.04 percent to 35.90 yuan.

 

Also dragging down the market is a notice from the China Securities Regulatory Commission, urging fund companies to avoid blind expansion and forbidding them to mislead consumers in marketing9 or engage in speculative10 investment.

 

Financial shares were weak, as the Industrial and Commercial Bank of China fell 4.28 percent to 8.28 yuan, followed by a 3.83 percent drop in China Construction Bank to 10.80 yuan.

 

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1 debut IxGxy     
n.首次演出，初次露面
参考例句：
  • That same year he made his Broadway debut, playing a suave radio journalist.在那同一年里，他初次在百老汇登台，扮演一个温文而雅的电台记者。
  • The actress made her debut in the new comedy.这位演员在那出新喜剧中首次登台演出。
2 investors dffc64354445b947454450e472276b99     
n.投资者，出资者( investor的名词复数 )
参考例句：
  • a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
  • a cash bonanza for investors 投资者的赚钱机会
3 petroleum WiUyi     
n.原油，石油
参考例句：
  • The Government of Iran advanced the price of petroleum last week.上星期伊朗政府提高了石油价格。
  • The purpose of oil refinery is to refine crude petroleum.炼油厂的主要工作是提炼原油。
4 plunged 06a599a54b33c9d941718dccc7739582     
v.颠簸( plunge的过去式和过去分词 )；暴跌；骤降；突降
参考例句：
  • The train derailed and plunged into the river. 火车脱轨栽进了河里。
  • She lost her balance and plunged 100 feet to her death. 她没有站稳，从100英尺的高处跌下摔死了。
5 analysts 167ff30c5034ca70abe2d60a6e760448     
分析家，化验员( analyst的名词复数 )
参考例句：
  • City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
  • I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。
6 premier R19z3     
adj.首要的；n.总理，首相
参考例句：
  • The Irish Premier is paying an official visit to Britain.爱尔兰总理正在对英国进行正式访问。
  • He requested that the premier grant him an internview.他要求那位总理接见他一次。
7 fluctuations 5ffd9bfff797526ec241b97cfb872d61     
波动，涨落，起伏( fluctuation的名词复数 )
参考例句：
  • He showed the price fluctuations in a statistical table. 他用统计表显示价格的波动。
  • There were so many unpredictable fluctuations on the Stock Exchange. 股票市场瞬息万变。
8 transparent Smhwx     
adj.明显的，无疑的；透明的
参考例句：
  • The water is so transparent that we can see the fishes swimming.水清澈透明，可以看到鱼儿游来游去。
  • The window glass is transparent.窗玻璃是透明的。
9 marketing Boez7e     
n.行销，在市场的买卖，买东西
参考例句：
  • They are developing marketing network.他们正在发展销售网络。
  • He often goes marketing.他经常去市场做生意。
10 speculative uvjwd     
adj.思索性的，暝想性的，推理的
参考例句：
  • Much of our information is speculative.我们的许多信息是带推测性的。
  • The report is highly speculative and should be ignored.那个报道推测的成分很大，不应理会。

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