CHINA Petroleum & Chemical Corp, Asia's biggest refiner, fell in Hong Kong trading after reporting a record decline in first-quarter profit on rising raw-material costs and state curbs on fuel prices.
Sinopec, as the Beijing-based company is known, dropped as much as 35 Hong Kong cents, or 4.2 percent, to HK$7.93, and closed at HK$8.06 in Hong Kong, the second-worst performer among the 43 companies in the benchmark Hang Seng Index.
Sinopec was "crucified by China's fuel pricing caps," Gordon Kwan, head of China energy research at CLSA Ltd in Hong Kong said.