Sinopec Says No Material Events Behind Recent Stock Surge; Shanghai Shares Down 6%

MT Newswires Live

03/04

China Petroleum & Chemical (SHA:600028, HKG:0386) or Sinopec said there are no undisclosed major events or material developments driving the recent "abnormal" volatility in its A-shares, according to a Shanghai bourse filing on Wednesday.

The statement follows a cumulative price deviation of over 20% in the company's closing price between Feb. 27 and March 3.

The company said production and business operations remain normal.

Sinopec's Shanghai-listed shares dropped over 6%, while its Hong Kong-listed shares fell over 4% during the afternoon trade on Wednesday.

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