Sinopec Says No Material Events Behind Recent Stock Surge; Shanghai Shares Down 6%
MT Newswires Live
Mar 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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.