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JPM increases stake in Sinopec over 9%

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percent_2 July 16, 2010 (Chinavestor) - U.S.-based financial holding company JPMorgan Chase & Co (NYSE:JPM) has raised its shareholding in China Petroleum & Chemical Corporation (Sinopec) (HKG:0386) (NYSE:SNP) to 9.05% from 8.99% on July 13, according to the bourse operator Hong Kong Exchanges and Clearing (HKG:0388).

HKEx said in a statement that JPMorgan Chase (NYSE:JPM) has acquired 9.42 million H-shares in Sinopec for HK$58.875 million. The average price of the share transaction was HK$6.25 apiece.

Profitability of Chinese refiners improve when price of the crude is low. China Petroleum & Chemical Corporation (NYSE:SNP) has been enjoying relatively modest oil prices in 2010 as the uncertainty, surrounding the global economic recovery, remains.

H-shares of China Petroleum & Chemical Corporation (HKG:0386) were virtually unchanged on Friday, ending the week at HK$6.04.

 

 



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