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Cnooc Rallies as ADRs Post Biggest Gain in 2012: China Overnight

Bloomberg - Sep 14, 2012

Chinese stocks traded in New York completed their biggest weekly gain this year, led by commodity producers, on prospects stimulus measures by policy makers in the U.S. and Europe will boost the outlook for exporters.

The Bloomberg China-US Equity Index (CH55BN) of the most-traded Chinese shares in the U.S. jumped 2.1 percent to 93.91 yesterday in New York to extend its weekly advance to 5.7 percent, the most since the five days ended Dec. 2. Aluminum Corp. of China Ltd., the nationís largest maker of the metal, rallied the most since May, and oil explorer Cnooc Ltd. (883) climbed to a one-month high as commodities posted the longest run of weekly gains since 2010.

Oil futures settled at the highest level in four months yesterday in New York and commodities increased following Federal Reserve Chairman Ben S. Bernankeís Sept. 13 announcement that the U.S. central bank will purchase assets to boost growth. The Fedís actions follow the European Central Bank which said Sept. 6 that it also plans a bond-purchase program.

Read Full Article from Bloomberg

- Posted: 2012-09-14 22:29:17


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