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China Petroleum & Chemical Corporation (SHSE: 600028) saw 57.088 billion restricted shares become tradable on October 12, and it turned into the stock with the biggest negotiable market cap on the Chinese market. The company gained 1.2 percent yesterday, greatly spurring market sentiments. Nevertheless, Industrial and Commercial Bank of China (SHSE: 601398) will top the oil major to be the stock with the largest negotiable market cap on October 27.
The two companies are members of the SSE (Shanghai Stock Exchange) 180 Index, SSE 50 Index, CSI 300 Index and CSI 100 Index, index funds therefore have to add holdings in the two stocks in light of respective weights.
In addition, China SAFE Investments Limited bought more into the country's three listed state lenders, and the boosting news drove bank stocks to be strong accordingly.
Source: www.cnstock.com (October 14, 2009)
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