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HK shares open slightly higher,refiners surge

Thu Jun 19, 2008 9:59pm EDT

Stocks

   

HONG KONG, June 20 (Reuters) - Hong Kong shares will open just slightly higher on Friday, with sharp gains in oil refiners offset by losses in other energy-sensitive companies such as oil producer CNOOC (0883.HK).

China

Beijing unexpectedly hiked energy prices by up to 18 percent overnight, beating street expectations and sending international crude oil prices tumbling.

The Hang Seng Index .HSI opened up 20.38 points at 22,817.99.

The China Enterprises Index .HSCE of top locally-listed mainland stocks was 1.20 points higher.

Asia's biggest refiner Sinopec Corp (0386.HK) surged 4.9 percent, its subsidiary Sinopec Shanghai Petrochemical (0338.HK) jumped 5.25 percent and Petrochina rallied 4.9 percent. CNOOC fell 3.5 percent.

(Reporting by Parvathy Ullatil; Editing by Anne Marie Roantree)



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