PetroChina names new head

Top Asian oil and gas producer PetroChina appointed Zhou Jiping president and vice-chairman of the company, elevating him from the post of executive director.

Chairman Jiang Jiemin relinquishes the president's post to Zhu but remains chairman, the company said in a statement on Friday that outlined a series of appointments.

Zhou has 35 years experience in oil and gas exploration and helps lead overseas projects for the group, according to the company's website.

Zhao Zhengzhang, formerly general manager of PetroChina's Exploration and Production Company, was appointed vice president of the company.

HK dollar eases slightly

The Hong Kong dollar fell modestly against the US dollar on Friday after moving in a narrow range, while interbank rates softened from the previous session.

The local currency hit a session low of 7.8012 per dollar before edging back to 7.8008/10 at 0858 GMT, slightly softer than late trade in Asia on Thursday. One dealer at a European bank said the market spent the day in a relatively tight range with no clear direction.

He expected the spot rate to move in a 7.7985-7.8030 range in the near term.

The Hong Kong currency is pegged at 7.8 to the US dollar but can trade between 7.75 and 7.85.

Interbank rates edged lower on Friday, particularly the long dates, taking their lead from a fall in US rates overnight, dealers said.

HSI up 0.41%

Hong Kong stocks closed up on Friday but gains were pared after the Tokyo and Shanghai markets reversed course to close lower, while equipment maker Dongfang Electric slid as it detailed damage from the China earthquake.

China's top power generator maker, Dongfang Electric tumbled as much as 20 percent on active selling after it said the Sichuan earthquake had seriously damaged its production. The stock ended down 14 percent.

Power equipment conglomerate Shanghai Electric jumped more than 6.8 percent on expectations that it might benefit from stronger order flows after the quake disaster and Dongfang's production loss.

The benchmark Hang Seng Index closed up 0.41 percent at 25,618.86 points, off from the day high of 25,748.33.

It gained 2.25 percent for the week. The China Enterprises Index of Hong Kong-listed mainland companies or H shares, finished 1.13 percent higher at 14,185.98.Mainboard turnover edged down to HK$79.6 billion from HK$80.2 billion on Thursday.

Reuters

(HK Edition 05/17/2008 page2)