SHANGHAI :China's CNOOC Ltd saw its stock surge as much as 44 per cent in its Shanghai debut on Thursday in defiance of overall market weakness, as investors sought safety in the oil giant amid lofty energy prices and quickening inflation.
"CNOOC is being chased by investors who are seeking shelters in big caps with relatively low valuation and high dividends," said Linus Yip, chief strategist at First Shanghai Group."The stock also whets market appetite at a time when oil prices are climbing and inflation accelerating." CNOOC starts trading in Shanghai against a backdrop of a bleak stock market that has witnessed an increasing number of stocks dipping below initial public offering prices.
China's tough COVID-19 containment measures at a time of heightened geopolitical risk are also roiling its stock markets, sending the main benchmark stock index down 18 per cent so far in 2022.
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