PetroChina shares rebounded yesterday, buoyed by news Templeton Asset Management had raised its holding in the oil giant by 3.7 per cent.
That countered the impact of the recent 0.73 per cent stake cut by Warren Buffet's Berkshire Hathaway.
Shares of PetroChina changed hands at as high as HK$11.74 before closing 2.4 per cent higher at HK$11.66.
Templeton, run by fund manager Mark Mobius, bought 39.28 million PetroChina H shares at HK$12.10 each for HK$475.6 million last Thursday, a day before the public disclosure of Berkshire's sale of 16.9 million shares at an average of HK$12.44 each on July 12 for HK$210.23 million. Citigroup yesterday downgraded its recommendation on PetroChina shares from 'buy' to 'hold', citing a 22 per cent price premium to other international oil majors and deteriorating losses in its refining operations amid soaring crude oil prices.