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The shares of PetroChina Co Ltd, China's largest oil and gas producer and supplier, have remained low, with the stock's closing price reduced to 9.30 yuan Monday, accounting for only 19.12 percent of the opening price of 48.62 yuan from the first day of its trading. The price to book ratio decreased to 1.63 times, reported stcn.com.
According to the report, the new drop comes after an announcement that China National Petroleum Corporation (CNPC), PetroChina's parent company and controlling shareholder, will accumulatively increase total holdings by 0.22 percent.
Analysts believe that the fall in PetroChina stock prices reflects the attitude of the capital towards the outlook of market and the pressure to sell for industrial capital outweighs the drive to buy.