The Chinese lowered the tax on stock trading, and will refund the 17% value added tax on imports China Petroleum and Chemical (SNP 100.56) incurs from April 1 to June 30.
PetroChina (PTR 135.03) +8.88 on the day should also receive the same.
Are the lucky numbers enough to get the stock going?
Common knowledge was that China would prop up stocks until the Olympics. Instead they have fallen 40%. The Olympics start at 8:08:08 on 8/8/2008.
Maybe PTR's $8.88 gain for the day will be the lucky omen to get back in China's oil stocks!
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