PetroChina Lost Top Spot in Market Valuation

Agricultural Bank of China regained its position as the Chinese mainland's most valuable company quickly on Thursday, after losing it to the PetroChina the previous trading day.

In Shanghai trading, the bank rose 0.90 percent to 6.74 yuan with a market capitalization of 2.15 trillion yuan (US$310 billion). PetroChina plunged 4.15 percent with a market value of 2.05 trillion yuan, surpassed by the bank.

With rising global oil prices and push-up share price, PetroChina market value surpassed Agricultural Bank of China on Wednesday. On Monday and Tuesday, PetroChina shares surged to the daily trading ceiling of 10 percent.

PetroChina joined China National Petroleum and China National Offshore Oil in a joint statement on Wednesday warning that the outlook for their operations and Gulf tanker shipping remains uncertain. According to Global Times, up to 50 percent of China's crude oil imports and about 30 percent of its natural gas imports pass through the vital Strait of Hormuz, now effectively closed by Iran. The share prices of the energy giants have risen on the global surge in oil and natural gas prices. But short-term oil price volatility carries significant uncertainty, so investors must pay attention to risks, the companies noted.

Following the bank and PetroChina, the companies with highest market capitalization are Industrial and Commercial Bank of China, Kweichow Moutai and CATL.