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| PetroChina is world's top company | PetroChina is world's top company |
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| Chinese oil firm PetroChina has trumped US rival Exxon Mobil to become the world's biggest firm by market value on its first day of trading in Shanghai. | Chinese oil firm PetroChina has trumped US rival Exxon Mobil to become the world's biggest firm by market value on its first day of trading in Shanghai. |
| PetroChina saw its shares nearly triple in early trade from 16.7 yuan to 48.62 yuan, giving PetroChina a market value of about $1 trillion (£479.8bn). | |
| This is almost the twice the $488bn value of oil producer Exxon Mobil. | This is almost the twice the $488bn value of oil producer Exxon Mobil. |
| But some analysts said the PetroChina's Shanghai share price stemmed from speculation and was too high. | |
| PetroChina already has shares traded in Hong Kong and its flotation on China's mainland stock exchange represented just 2% of the total number of shares it has in issue. | |
| The fervent interest in the company underscores investor confidence in China's red-hot economy, which is believed will support the continued boom in the country's exuberant stock markets. | |
| In terms of earnings though, Asia's top oil and gas producer does not even make it into the world's top 50 companies, which some analysts say should sound alarm bells about the firm's valuation. |