STOCKWATCH: Petrochina higher ahead of 2000 results

HONG KONG (AFX-ASIA) - Petrochina Co Ltd shares were higher amid investor expectations that it will post strong 2000 results, due out later today, dealers said.	    At 11:26 am, Petrochina was up 0.04 hkd or 2.72 pct at 1.51 hkd on volume of 30.26 mln shares.	    The Hang Seng Index was down 115.29 points at 13,332.84.	    Jecko Cheng, an analyst with KGI Securities, said his house expects the company to post a 2000 net profit of 58 bln yuan, compared with 27 bln yuan a year earlier.	    "The company is seen benefiting from the sharp increase in crude oil prices during the year, as its business was very much associated with the upstream oil and gas sector, Cheng said.	    He said crude oil prices increased by over 50 pct in 2000 from 1999.	    Its refining oil business is also seen to have performed strongly in 2000, he said.	    "Prices of its refined oil products were linked with international (prices) in the second half of the year, helping the company to record about 5 bln yuan in gross profit during the year, according to our estimates," he said.	    Cheng said due to an anticipated decrease in crude oil prices in 2001, he sees the company's net profit for the current year at around 48 bln yuan.	    He said his house currently has a 'neutral' stance on the stock.

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