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China's Sinopec surges 4 pct on oil price drop

Tue Jun 17, 2008 11:24pm EDT

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HONG KONG, June 18 (Reuters) - Shares in Asia's largest refiner, Sinopec Corp (0386.HK), jumped more than 4 percent on Wednesday, rising for the third straight session, as oil prices continued to fall.

China

Buying was also boosted by speculation that China will alow the prices of refined oil products to rise before the Beijing Olympics.

The stock was up 4.3 percent at HK$8.05, taking this week's gains to more than 10 percent.

Sinopec has been mauled by the growing gap between international crude prices and the state regulated prices of refined products in China.

Sinopec subsidiary Sinopec Shanghai PetroChemical (0338.HK) rose 4.6 percent. (Reporting by Parvathy Ullatil; Editing by Anne Marie Roantree)

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