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Hong Kong stocks fluctuate | Petroleum stocks generally rise, as the largest oil field in Libya stops production. The escalated tension in the Middle East may affect the oil supply route.
Petroleum stocks generally rose. As of press time, Kunlun Energy (00135) rose 3.76% to HKD 7.72; CNOOC (00883) rose 3.11% to HKD 20.2; China Oilfield Services (02883) rose 3.03% to HKD 6.71; PetroChina (00857) rose 2.60% to HKD 6.7.
Poor economy drags down the market and soaring risk aversion pressures oil prices to plummet.
This week (8.1-8.7), crude oil product overall showed a trend of falling first and then rising. The average price of WTI this week was $74.24 per barrel, a decrease of $2.54 per barrel or -3.31% from the previous week.
Capital trend statistics for the Shenzhen-Hong Kong Stock Connect (T+2) on August 8th.
Capital trend of Smart Hong Kong Stock Connect | August 8th
Three Chinese Firms Join Top 10 in 2024 Fortune Global 500 List
Lanzhou LS Heavy Equipment Co. (603169.SH): won the bid for PetroChina Changqing Branch's tower equipment project for level one oil well production.
Lanzhou LS Heavy Equipment Co. (603169.SH) announced on August 6th that it recently received a bid notice from PetroChina Materials Co., Ltd., and the company won the tower equipment procurement project for the first-level intensified tower of the China National Petroleum Corporation Changqing Oilfield Branch (referred to as "PetroChina Changqing Branch"). The winning amount of this project is 184.9935 million yuan, accounting for 3.58% of the company's audited revenue in 2023. The fulfillment of this project is expected to have a positive impact on the company's operating performance in 2024 and the following years. The specific amount shall be based on the annual audit report issued by the accounting firm.
Crude Oil Prices Trending Down – NAB Group
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